Retail traders built this bull market on blind faith in the S&P 500. Lately, that conviction has faded. Individual investors are now rotating through hot sectors at record speed, while broad index buying slows to pandemic lows. That retreat leaves an obvious question — who’s actually still all in?

• Retail’s four-week net buying gap narrowed to $13B, according to Vanda Research, as traders sold shares nearly as quickly as they bought.
• Their overall footprint fell too — retail’s share of trading volume dropped to 17.2% in Q1, down from 20.5%, even as money chased energy, silver, software, chips, and SpaceXSPCX
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Same hesitation, bigger wallet: Corporate America isn’t picking up retail’s slack either. Companies announced nearly $1T in stock buybacks through the first half of the year, a record pace that looks bullish at first glance. Insiders aren’t backing that confidence with their own money, though, and nearly 70% of announcements came from tech and financial firms alone. University of Michigan professor Nejat Seyhun called recent insider sentiment “mildly pessimistic,” predicting only a muted market reaction despite the record spending spree. That’s the financial equivalent of showing up to your own party and leaving early.