Individual investors have been selling off stocks at an unprecedented pace, preserving gains from the recent bull market.
Net retail sales of individual stocks reached $370 billion in two weeks, a sharp increase from $220 billion in early 2026. reports The Kobeissi letter.
Last week alone, there was an outflow of $125 million in SanDisk (SNDK) shares, the largest sale of any stock.
Retail investors also dumped $120 million into Apple (AAPL) stock and $105 million into Tesla (TSLA). The figures bring the two-week retail sales volume in Tesla and Apple to $200 million.
The investor cohort also sold $65 million in Nvidia (NVDA) stock, $40 million in American Airlines (AAL) stock and $22 million in Meta (META) stock.
The activity reflects widespread profit-taking among retail traders targeting big tech companies after a historic tech rally.
Such volumes highlight shifting sentiment even as broader markets develop.
Zoom out, the Kobeissi letter highlights the extent of the current bull run on equities.
“The current bull run is historic:
The S&P 500 is up +95% since the end of 2022, putting the current bull market among the strongest 10% at this stage of the cycle, based on data going back to 1928.
By comparison, the top 25% of historical bull markets gained about +50% over the same period.
Meanwhile, the average bull market returned only ~35% after 3.5 years.
The current bull run has remained within the strongest 10% of historical bull markets for two years, excluding the March-April 2025 correction.
Since the April 2025 low alone, the S&P 500 is up +51%.
The market momentum is incredibly strong.”
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Generated image: Midjourney