Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 29, 2023. Retail traders, who used to band together on online platforms to chase highly shorted shares during the days of easy money, have been seeing a reversal of fortunes as rising rates diminish their holdings in high-risk, high-return assets. "Seasonality suggests that retail investors are unlikely to support any year-end rally, except for big-tech," Vanda's Mantle said. Despite their overall slow buying, there were spurts of activity where retail traders chased sharp rallies in some small cap names - a typical trading strategy. "If we don't get any follow through it would be hard to say we've got retail traders back in the game," said Paul Nolte, senior wealth advisor and market strategist at Murphy & Sylvest Wealth Management.

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Persons: Brendan McDermid, Vanda, Morgan, Lucas Mantle, Vanda's Mantle, Paul Nolte, Medha Singh, Arun Koyyur Organizations: New York Stock Exchange, REUTERS, Vanda Research, Retail, P Global Market Intelligence, Murphy, Sylvest Wealth, Thomson Locations: New York City, U.S, Bengaluru