The S&P 500 has been on a rollercoaster in 2025, but one investor’s recent Reddit post summed up the confusion felt by many: “The market is incapable of falling. Who keeps buying the dip?”
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Frustration Grows As Dips Keep Getting Bought
The post, shared in the r/StockMarket subreddit, got hundreds of responses from retail investors, passive index fund buyers, and even skeptics of the entire system. The frustration? Even with inflation, tariffs, political chaos, and a declining dollar, the market keeps rebounding almost instantly from minor pullbacks.
“It literally hasn’t stopped since this post. Unbelievable,” one person wrote. Another chimed in, “The market exists solely to personally f*** you and your investments.”
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As shown in the screenshot posted with the thread, the S&P 500 was barely down 0.066% on Monday, hovering around 5,907. Traders saw the same choppy but stubbornly buoyant pattern all day. Despite intraday lows near 5,861, it climbed back up, finishing the day at 5,935.
Is It 401(k)s, Algos Or The Fed?
Some blamed automatic retirement contributions for the relentless buying. “Every two weeks, millions are putting money into their 401(k). This has to help, no?” one commenter asked. Another added that yes, it’s “your 401(k) buying the dip.”
Others turned to conspiracy. “Every time the 10-year bond yield spikes, it’s instantly bought up. Or, look at the Nasdaq or Dow Jones charts. Anytime they start to fall, it’s bought up. This type of behavior is not organic, it is clearly a managed system,” wrote one skeptical poster.
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Meanwhile, others chalked it up to sheer irrationality. “It is said that the market will move in a way that will cause the maximum pain to the greatest number of people,” one investor said, citing the infamous “max pain” theory in options trading.
Dollar Weakness And Big Tech Carry The Day
Some argue that the market isn't actually rising—the dollar is just falling. “It takes more dollars to represent the value of stocks, gold, etc.,” one poster explained. “SPY should be around 5,450 if adjusted for the stronger dollar we had.”
Tech earnings are also doing heavy lifting. “The top 10 weights of the S&P 500 account for about 33% of its value,” one commenter pointed out. “[Amazon, Microsoft, Nvidia, Meta] all posted very impressive earnings.”
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Still, Fear Lurks
Despite the calm exterior, not everyone is convinced the rally is real. “I think if we get a crash, it will be utterly insane. It’s all automated. The panic will go mad if something really bad happens,” one investor warned.
Another said it more plainly: “This same comment was made in June 2007. Sigh.”
For now, investors continue to wait for a real correction. But with paychecks still flowing into index funds, a record $6.95 trillion in cash on the sidelines, and passive investing dominating the market, the dip keeps getting bought, for better or worse.
As one user joked, “It’s me. I invested 15 euros today. You don’t need to say thank you.”
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