Retail investors bought the dip: Individual investors net bought +$1.8 billion of the S&P 500 ETF, SPY, yesterday, the largest daily purchase since October. This was also the 3rd-largest inflow since the April 2025 market recovery. Year-to-date, retail purchases have exceeded +$1.0 billion every single day. For the week ending January 14th, individual investors purchased +$12.0 billion worth of equities, the largest weekly inflow in at least 3 months. This includes +$4.9 billion in single stocks, the highest in 9 months. Retail investor risk appetite is stronger than ever.(The Kobeissi Letter)