Retail Traders Bailed on the Market Right Before Stocks Rebounded
(Bloomberg) — Wondering what the force was that turned an orderly decline into a full-blown rout this morning? Mom and pop bailing.
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In a spasm of panicked selling early Monday, retail investors offloaded a net $1.36 billion worth of stock by noon, most of it in the first hour, according to data compiled by JPMorgan Chase & Co. strategist Peng Cheng. By his estimate, share disposals were 3.9 standard deviations heavier than the full-day average in the previous 12…