Individual investors have offloaded stocks at an unprecedented pace, locking in gains from the recent bull market.
Net retail sales in single stocks totaled $370 billion over two weeks, up sharply from $220 billion at the start of 2026, reports The Kobeissi Letter.
Last week alone saw outflows of $125 million in SanDisk (SNDK) shares, the largest sale of any stock.
Retail investors also dumped $120 million in Apple (AAPL) shares and $105 million in Tesla (TSLA). The figures bring two-week retail sales volume in Tesla and Apple up to $200 million.
The investor cohort also offloaded $65 million in Nvidia (NVDA) shares, $40 million in American Airlines (AAL) shares and $22 million in Meta (META) shares.
The activity reflects widespread profit-taking among retail traders focused on major technology holdings following a historic tech rally.
Such volumes highlight shifting sentiment even as broader markets advance.
Zooming out, The Kobeissi Letter highlights the magnitude of the current equity bull run.
“The current bull run is historic:
The S&P 500 is up +95% since the end of 2022, placing the current bull market within the strongest 10% at this stage of the cycle, in data going back to 1928.
By comparison, the top 25% of historical bull markets gained roughly +50% over the same period.
Meanwhile, the median bull market delivered just ~35% after 3.5 years.
The current bull run has remained within the strongest 10% of historical bull markets for 2 years, excluding the March-April 2025 correction.
Since the April 2025 low alone, the S&P 500 has surged +51%.
Market momentum is incredibly strong.”
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