Retail is buying dips at an unprecedented pace: Average daily equity purchases by retail investors during S&P 500 down days is running at the highest level on record in 2026. This is +100% higher than during the 2021 meme stock frenzy. Year-to-date, retail purchases on down days are 2.5 times larger than on up days. In February alone, purchases on down days were 4.3 times higher than up days, rising from 2.1 times in January. Individual investors have consistently bought more on down days than on up days in each of the last 7 years. Retail seems to be the single most aggressive buyer of every selloff.(The Kobeissi Letter)