The Rydex market timers are buying the dip to an extreme degree.
Figure 1 is a daily chart of the S&P500 with the amount of assets in the Rydex Money Market Fund in the lower panel.
Figure 1. S&P500 v. Rydex Money Market/ daily
Figure 2 is a daily chart of the S&P500 with the amount of assets in the Rydex bullish and leveraged funds versus the amount of assets in the leveraged and bearish funds.
Figure 2. Rydex Bullish and Leveraged v. Bearish and Leveraged/ daily