Buy the dip works, as long as it's done after a particular criteria is met.
The thirst to buy stocks tied to the artificial intelligence revolution has driven half the gains in the stock market this year, a trend that looks set to continue Wednesday with OpenAI investor Microsoft flying higher in the premarket.
So much for momentum. The Bespoke analysts specifically broke out buy-the-dip after up days, and did find stretches where it performed well — during the 1990s bull market, and again from the period between the global financial crisis and COVID. But it faltered at other times when the wind wasn’t at investor backs.
“That being said, these results provide the fascinating takeaway that even over the short-term day-to-day timeframe, you’ve historically been better off buying the dip rather than buying momentum.,” they say. The buzz Microsoft shares MSFT jumped 9% as the software maker reported stronger-than-forecast earnings and revenue, and guided to current quarter revenue above estimates. Microsoft’s cloud division Azure saw revenue grow 27%, which boosted shares of rival Amazon.com AMZN .
The House is due to vote on a measure that would raise the debt ceiling. If approved, it’s unlikely in current form to be adopted in the Senate, but will set the stage for negotiations with the upper chamber.
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