Retail Traders Who Drove Meme Frenzy Bail Out in Bear Market
- Those investors this time aren’t buying the dip: Goldman
- Consumers pulling back, sitting out volatility, says Gaffney
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Stock traders who whipped up the meme craze that took Wall Street by storm last year are furiously rushing to the exits.
Roughly 50% of single-stock retail positions in the Nasdaq 100 and a quarter of those in the S&P 500 that had been accumulated since January 2019 have been sold, according to data from Goldman Sachs Group Inc. In another sign their exuberance has faded, call-option volumes have reversed about 70% of their increases from the start of 2019 to November 2021, when tech stocks and Bitcoin peaked.