Core Insights - Retail investors are displaying decreasing confidence in the U.S. stock market's potential for recovery, as evidenced by market data and analysts' observations [1] Group 1 - There is a noticeable decline in retail investors' enthusiasm for buying dips in the market [1]

Client Financial Behavior - Margin loans reached an all-time high of approximately 97 billion USD at the end of the quarter [1] - Margin loans represent less than 1% of clients' total assets, which are valued at 116 trillion USD [2] - Clients aim to maximize wealth and capitalize on perceived opportunities [2] Trading Activity - Trading volume increases with volatility [3] - Clients tend to trade countercyclically, buying dips and selling rips [3] - Elevated trading levels are observed on volatile days [3]