Of course, corresponding to the institutional hedging data is the fact that U.S. retail investors are continuously buying in. Retail options trading volume keeps hitting new weekly records, while cash stock trading volume has risen to its highest level this year. Retail participation in the stock market is now at its strongest level since February 2021. Citadel Securities retail options trading volume Moreover, the percentage of retail investors in the total cash trading market has exceeded 22%. Retail investors are now a force in the U.S. stock market that cannot be ignored. Percentage of retail investors in the total cash trading market Overall: Retail investors have been net buyers in the stock market for 23 out of the past 27 weeks. Retail investors have been net buyers in options for 25 consecutive weeks. Retail investors have been net buyers in ETFs for 220 out of 222 trading days. Institutions have maintained a pessimistic (hedging) stance for 9 out of the past 10 weeks.