Buy the dip looks dead as final hour of trading now typically sees selling

Buying on the dip seems out of style in the U.S. stock market, as traders are typically dumping stocks right before the close, according to data from Bespoke Investment Group.

“The YTD [year-to-date] pattern has been a very big spike at the open towards highs of the day between 10:00 and 11:00 AM,” Bespoke said in a note Friday. “There are bouts of volatility back and forth, but the biggest swing lower comes in at the end of day trade right before the close.”