1. Retail Trading Favorites Index is trading at an All-time high, up +110% since March.
2. Retail Trading Favorites up +14% in the past 6 trading days.
3. Wednesday saw record retail volumes. Charles/Vanguard/TD/Fidelity/Robinhood/ML all reported high volumes/slowness on portals – according to downdector
4. The most discussed topics on reddit thursday: JETS – Global Airlines options, BETZ – Sports Betting, and MJ – Alternative Harvest.
Chart: Households have a 41% allocation to equities, which matches the recent high set in 2018 but falls shy of the 47% record during the Tech Bubble.
A 1 percentage point increase in that allocation would be worth about $1 tn of buying, or about 3% of SPX cap.
6% increase in equity allocations back to the highs would be ~$6T