Traders are buying the dip on leverage: Leveraged-long US equity ETF trading volumes reached ~26 billion last week, the highest since the post-April sell-off recovery. Excluding April, this was the 3rd-largest reading in at least 5.5 years. A higher level of dip buying activity has only been observed during the meme stock mania in late-2021 and at the beginning of the 2022 bear market. This is also more than DOUBLE the average recorded this year. Meanwhile, the number of leveraged equity ETFs has surged ~200 this year, to a record 701 in October. Dip buying activity remains very strong.(The Kobeissi Letter)