"As soon as the market dips, the buyers come in again," Mr. O'Toole added.

But not everybody was willing to buy on this particular market dip.

"Investors looking for bargains when the market dips will eventually come out again," he said.

Others see visible activity resuming when the stock market dips.

"Every time the market dips, the trade buys it," said John O'Connell, a metals analyst in New York with Refco Inc.

Mutual fund investors have been conditioned in recent years to buy when the market dips, in expectation of a rebound.

The big number of new highs this year, and the paucity of market dips, is indicative of the confidence that many investors feel.

That strategy - adding to long-term positions during market dips - is one of the hallmarks of Mr. Schoelzel's investing style, which emphasizes companies with rapid growth in earnings.

Except, perhaps, for buying shares during market dips.

So, are the market dip and Greenspan's appointment related?