It looks like retail traders’ dalliance with UnitedHealth was a one-night stand

While retail traders may have enjoyed a fling with UnitedHealth, it doesn’t look like they’re settling down for a long-term relationship.

In examining the flows on Interactive Brokers’ platform over the last five trading days, Chief Strategist Steve Sosnick wrote, “Notably, we have seen a big decline in #3 UNH’s net number, meaning that the aggressive dip buyers from last week have been taking profits (or losses, depending upon timing). Remember, this is a 5-day moving average of order flow, so a shrinking net buy number actually reflects some selling later in the period.”

Shares fell as much as 2% in early trading but have since pared a large chunk of those losses, while the S&P 500 is up more than 1%.

Sherwood News’ David Crowther had previously observed that mentions of UnitedHealth were lighting up the message boards over at the r/wallstreetbets subreddit as shares bounced 17% after hitting multiyear lows, with the deluge of commentary coinciding with a massive surge in options trading on the stock.