‘This is different’ — China is Lying and as hard as it is to do, “resist” buying the dip

What? CNBC gives airtime to the Allianz Chief Economic Advisor who warns the market not to buy the dip. The Wuhan virus must be undeniably serious:

Economist Mohamed El-Erian told CNBC on Tuesday that investors should hold off on buying equities that were hit hard in the latest coronavirus-driven plunge.

“I stress, this is different,” the Allianz chief economic advisor said in a “Squawk Box” interview, a day after the Dow Jones Industrial Average plunged over 1,000 points or 3.5%, in its worst single-session in more than two years.

Just because buying market dips has worked in the past does not mean it’s going to work this time, he said. “I would continue to resist, as hard as it is, to simply buy the dip.”