“Retail-driven momentum and short squeeze dynamics remain a dominant force in the market today,” says Citadel Securities

Retail traders are pouring cash into the market like it’s (almost) 2021, according to Citadel Securities.

“Retail-driven momentum and short squeeze dynamics remain a dominant force in the market today,” wrote Scott Rubner, head of equity and equity derivatives strategy, who brings commentary and charts reminiscent of the zenith of speculative activity five years ago. “The net buying on our platform last week alone was in the 98th percentile of weekly flows since 2019.”

The crowd has flipped from being positioned “defensively” in early April to “a clear shift toward performance chasing,” he added.

The massive market maker also noted that retail options activity this month is tracking the highest since the October 2025 record (something that regular readers might have already been able to guess, based on our coverage of overall call volumes!).

Rubner noted that retail traders have rotated back into thematic pockets of the market like quantum computing, rare earths, and nuclear energy in addition to megacap tech, where their Magnificent 7 buying was followed by hedge funds joining the trade.

Indeed, since the S&P 500’s bottom on March 30, Oklo has soared more than 50% (price-to-sales ratio unchanged), IonQ is up nearly 80%, and USA Rare Earth has popped 85%.

He suggested their participation in these pockets “is likely to become even more visible” if the rally broadens.