Retail Investors More Optimistic Heading Into April

Let's begin with a bit of a refresher. In last month's IMX release, we noted that for the first time in a very long time, TD Ameritrade retail clients were net sellers of equities and that their level of behavioral sentiment hit a new two year low. And what happened in the ensuing weeks in the stock market? It seems that their defensive positioning served them well. The S&P 500, Dow Jones Industrial Average and NASDAQ all ended the period between 2% and 3% lower than where they began.