Markets
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Luke Kawa

Citadel Securities: “The current level of retail bullishness is something to keep a close eye on”

Citadel Securities knows what’s up. It’s the designated market maker on the NYSE and, per the company, represents about 62% of listings on the exchange. And it’s seeing something it hasn’t seen in years.

The trading giant is keeping a “close eye” on the same thing we’re keeping a close eye on: retail traders driving eye-popping moves in the likes of Opendoor Technologies, which traded more than Meta on Monday, and Kohl’s, which doubled early in the session on Tuesday but has since pared its gains on record volumes.

“Echoing our colleagues in institutional derivatives this morning, the current level of retail bullishness is something to keep a close eye on,” Citadel Securities’ Thomas Sozzi wrote. “In cash equity space, retail clients on our platform have been net buyers for the past 18 trading sessions in a row! This bullish streak hasn’t been seen on our platform in over 3 years.”

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions. Citadel Securities has a business relationship with Robinhood.)

Add that to the list of superlatives about the speculative frenzy in full swing.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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