Retail investors are buying stocks at historic levels when the market falls. The average daily purchase of shares by individual investors on days the S&P 500 declines is now about 3.5 times the average daily volume since 2020, the highest level ever recorded. This represents a 56 % increase over the peak during the 2021 meme‑stock frenzy. Since the start of the year, retail buying on negative‑market days has been 2.3 times higher than on positive days. Even on days the S&P 500 rises, retail investors have bought roughly 1.5 times the 2020 average, twice the level seen in 2025. Over the past seven years, individual investors have consistently bought more on down days than up days, eager to take advantage of every market dip.