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For the past three years, traders have made a killing buying the dips. Not today, says CNBC's...

For the past three years, traders have made a killing buying the dips. Not today, says CNBC's Bob Pisani. After days of trying, buyers have now stepped away, staging a sort of "buyers strike" and leaving stocks to drift lower. That can be dangerous, Pisani warns, because spikes in the VIX, like what we saw today, leave the markets extremely vulnerable to big moves down over the coming days.
Comments (20)
  • PalmDesertRat
    , contributor
    Comments (2941) | Send Message
     
    Today's AAII report was the most bearish in two years. that's a bullish
    17 May 2012, 07:53 PM Reply Like
  • David Urban
    , contributor
    Comments (1036) | Send Message
     
    The volatility lately makes me question the accuracy of the report.
    17 May 2012, 08:55 PM Reply Like
  • TruffelPig
    , contributor
    Comments (4091) | Send Message
     
    That guy is really funny: volume is up but people do not buy? LOL. There are more sellers than buyers - that is why we are down, but people do buy. The "buyer strike" on high volume story. The evil machines I assume.
    17 May 2012, 07:57 PM Reply Like
  • Stone Fox Capital
    , contributor
    Comments (6296) | Send Message
     
    the crazy part is that Pisani clearly forgot last summer when the dips weren't bought either. Lets just call him a drama queen.
    17 May 2012, 08:12 PM Reply Like
  • Julius Ferraro
    , contributor
    Comments (495) | Send Message
     
    yea but piss on me's job is to work for hedge funds and say what they want him to like a puppet. I think he's admitted it before also.
    17 May 2012, 09:50 PM Reply Like
  • thechaser
    , contributor
    Comments (524) | Send Message
     
    i like that "pissonme"; very appropriate for yet another TPTB shill;

     

    this is a simple reset move to setup the background for the long quiet 'fed' to backstop the euro disaster; this is a must since the TPTB organ grinder requires their pet monkey to do their bidding in the coming financial apocalypse with the backdrop of armageddon showdown against the former USSR over Iran
    17 May 2012, 08:16 PM Reply Like
  • Cincinnatus
    , contributor
    Comments (3653) | Send Message
     
    CNBC needs to buy some charting software, or maybe just open an account at TD Ameritrade and use their charts. I'm looking at charts of the S&P 500 and VIX and I see plenty of spikes in the VIX, and downward moves in the SPX, that are of greater magnitude than the present over the last three years.
    17 May 2012, 08:44 PM Reply Like
  • Storm Warning
    , contributor
    Comments (156) | Send Message
     
    Pisani is a disgrace to reporting. He'll say anything that helps keep his job.

     

    He's as bad as cnn putting Nancy Grace on "HLN". They had to change the name from Headline News because that's exactly what it is not.

     

    Pisani's pump-n-dump spin is the most nauseating thing on business TV, and the #1 reason NOT to watch cnbc (there are others).
    17 May 2012, 09:19 PM Reply Like
  • mitrado
    , contributor
    Comments (2005) | Send Message
     
    Where is the Obama Index?
    17 May 2012, 09:47 PM Reply Like
  • ninjaneer
    , contributor
    Comments (23) | Send Message
     
    http://bit.ly/KjXvwO

     

    and

     

    http://bit.ly/urYy0f
    17 May 2012, 11:45 PM Reply Like
  • 1tallcat
    , contributor
    Comments (2) | Send Message
     
    duh, where de bottom of dis bottomless pit
    17 May 2012, 09:52 PM Reply Like
  • azreeal
    , contributor
    Comments (108) | Send Message
     
    What I want is to hear every one of them come on the show one day and say "wow, we were completely wrong" It was one thing after another the last few weeks, "its not going to be sell in may this time" "buy on the dips, this is the time to buy" "Apple is cheap here at 600.00" "The us doesn't need to worry about Europe because China is driving global growth" its all a bunch of crap. They pump them up to get retail investors to buy, then make a million excuses when the market tanks and its really all about big money taking profits. Well I learned my lesson last year, I started buying puts when earnings started in may and I'm making more money than I ever did listening to the fundamental crap. It's a ponzi scheme, I'm just glad I got on the right side of it this time.
    17 May 2012, 09:53 PM Reply Like
  • TruffelPig
    , contributor
    Comments (4091) | Send Message
     
    You seem to think that the retail investor has much of a game in this. I can tell you no, we are ants. This is hedge funds against hedge funds really and computers versus computers - we are just dust, insignificant.

     

    I am glad you are on the right side of the game - you could have been entirely wrong and would have lost a ton of money.
    17 May 2012, 11:03 PM Reply Like
  • untrusting investor
    , contributor
    Comments (9966) | Send Message
     
    Hear, hear. Not buying at the money puts in April after the media pundits and central banks have been pumping markets for 6 straight months is just crazy crazy risk taking. Especially after Abbey Joseph Cohen at GS comes out in Mar/12 and touts how undervalued the market is. An almost certain sign that markets will begin to sell-off relatively soon.
    18 May 2012, 02:11 AM Reply Like
  • TruffelPig
    , contributor
    Comments (4091) | Send Message
     
    UI: You have a point. We still could see a second leg up though this year. The critical point IMO is 1280.
    18 May 2012, 07:58 AM Reply Like
  • srspa77
    , contributor
    Comments (326) | Send Message
     
    I have trouble watching CNBC except for Santelli...
    17 May 2012, 10:16 PM Reply Like
  • 1980XLS-2.0
    , contributor
    Comments (525) | Send Message
     
    He is delusional.

     

    dips in the last 3 years?

     

    TVIX was over a $100 last summer.

     

    Even at that level, it still worked out.

     

    This time, who knows?
    17 May 2012, 10:39 PM Reply Like
  • azreeal
    , contributor
    Comments (108) | Send Message
     
    @srspa77, I agree, Santelli is the only straight shooter, he's been really fired up lately...lol
    17 May 2012, 11:02 PM Reply Like
  • mikeinnyc
    , contributor
    Comments (65) | Send Message
     
    I Think the bottom has be put in since P/C Total Equities was 1.45 today. Usually, this signals a bottom and those puts go to expiration.

     

    98 point Drop or Rise coming w/in the next 30 days on SP. My guess is Up thanks to FB.

     

    Happy Trading.
    18 May 2012, 12:32 AM Reply Like
  • TruffelPig
    , contributor
    Comments (4091) | Send Message
     
    98 down? I think there is very strong support at 1245.
    18 May 2012, 07:59 AM Reply Like
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