Retail Investors Are on Their Longest Buying Spree of the Bull Market

Aberdeen's Athey Says People Chasing Equities Higher

Retail investors in the U.S. are showing the most enthusiasm for stocks since the nine-year bull market began, another signal of growing optimism as financial markets hit new highs.

Clients at TD Ameritrade added to stock holdings for a 11th straight month in December, one of the longest buying streaks for retail investors ever recorded by the brokerage. That helped push the firm’s Investor Movement Index (IMX), a measure that has tracked clients’ positioning in the market since 2010, to a new record for the second month in a row.

“Clients continued the strong buying we saw all year,” Joe “JJ” Kinahan, the chief market strategist at TD Ameritrade, said in a statement. “The retail investor continues to participate in the rally and has done so in a very measured way.”

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