Retail trading has been among the major drivers of the stock market rally. Easy access to technology/ leverage paired with the “Buy-The-Dip”/ “Fed Put” narratives were essential. The cohort is mostly under 34 and willing to leverage their bets. Moreover, they are using social media as a tool for sourcing trading ideas. Appealing smartphone apps give them easy access to leveraged instruments and they can trade from anywhere.

The result was more volume than mutual funds and hedge funds combined generated! Millennials became the marginal buyer!