After Dumping At The Lows, Retail Is Back, Chasing Energy And Tech

Just over a month ago, with the S&P scraping 2026 lows, retail had seen enough and instead of buying the dips, of which there had been plenty, it literally bottom ticked the market, and as we wrote on March 27 - which also happened to be the S&P low print of the year - turned to "selling rips", when it should have been doing precisely the opposite.

Fast forward one month when the S&P is 14% higher (semis are probably triple that), and sure enough those unrepentant momentum-chasers better known as "retail traders" are right back in the deep end, frothing at the mouth for some upward juice and serving as exit liquidity for sellers of tech and energy stocks.