Retail Is All-In on Stocks Again. It Hasn't Been a Sell Signal, and Low Vol Eased the Dips.

Individual investors pushed stock allocations to 71.8% in September, the highest since December 2017, with cash at 13.3%, the lowest since January 2018. In four of the five times that gauge crossed 70% after at least a year below it, with a full year of data, the S&P 500 was higher a year later, with a median gain above its all-period norm, though three of six times it fell 10% or more along the way, about the market's normal rate.