One Thing I'm Watching: Retail Investors Aren’t Buying the Cease-Fire

Where are all the retail investors? In fact, retail investors bought just $196 million worth of U.S. stocks and ETFs on a net basis, according to data from Vanda Research—just 15% of how much they bought on an average day over the past year. It implies that most of yesterday’s buying came from professional investors, including hedge-fund managers, who, as I noted yesterday, likely rushed to cover short positions after building up big bearish wagers in the last few weeks.