Retail Dip-Buying Hits Historic Extremes, Exceeds Meme Stock Mania
Retail investors are buying equities on S&P 500 down days at a record pace, with average daily purchases 3.5 times the average since 2020 and 56% above the meme stock mania in 2021.
Retail dip-buying has reached historic extremes. Average daily equity purchases by retail investors during S&P 500 down days are running at nearly 3.5 times the daily average seen since 2020, the highest on record.
This pace is 56% higher than during the meme stock mania in 2021. Year-to-date, retail purchases on down days are 2.3 times larger than on up days. Even on S&P 500 up days, retail investors have purchased nearly 1.5 times the daily average since 2020 so far this year, and double the figure posted in 2025.
Individual investors have consistently purchased more equities on down days than on up days in each of the last seven years. Retail investors remain eager to buy dips.
Source: The Kobeissi Letter