who YOLO, this time YOLO[得意]-To The Moon - Tiger Brokers Online Investing Community - To The Moon

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沉穩
07-25 22:39

who YOLO, this time YOLO[得意]

"YOLO" retail investors anti-quilt! Momentum factor hit the biggest pullback/retracement in four years, and the hottest group stocks evaporated by 25% in one month

动量交易7月遭遇四年来最惨回撤，散户成为最大受害者，热门持仓篮子较6月高点跌逾25%，散户净买入降至疫情以来最低。尽管AI疑虑等因素引发拥挤交易瓦解，但华尔街认为抛售已过度，动量股正释放强劲反弹信号。

"YOLO" retail investors anti-quilt! Momentum factor hit the biggest pullback/retracement in four years, and the hottest group stocks evaporated by 25% in one month

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Momentum factor hit the biggest pullback/retracement in four years, and the hottest group stocks evaporated by 25% in one month","url":"https://stock-news.laohu8.com/highlight/detail?id=2653080385","media":"华尔街见闻","summary":"动量交易7月遭遇四年来最惨回撤，散户成为最大受害者，热门持仓篮子较6月高点跌逾25%，散户净买入降至疫情以来最低。尽管AI疑虑等因素引发拥挤交易瓦解，但华尔街认为抛售已过度，动量股正释放强劲反弹信号。","content":"<p><html><head></head><body>The rapid collapse of momentum trading is hitting its most loyal fans, retail investors.</p><p>The basket of stocks that track retail investors' favorite holdings fell the worst this month since 2022, with the Russell 1000 High Retail Engagement Basket compiled by Jefferies falling more than 25% cumulatively since June.</p><p>Among the 11 quantitative factors tracked by Bloomberg, the momentum factor performed at the bottom of July, making it the most hurt strategy in this round of market correction.<strong>The iconic \"YOLO\" (you only live once) chasing operation of retail investors suffered a positive impact this month.</strong></p><p>Multiple negative overlays are the main reason for the collapse of this momentum trade: doubts about the huge investment returns of artificial intelligence prompted hedge funds to close out tech positions at record rates, and the resurgence of Iran and uncertainty over the Fed's interest rate path further weighed on an already heavily crowded trade. Market participation among retail investors has cooled significantly as a result – Vanda Research data shows that weekly rolling net buying of individual stocks has fallen to its lowest level since the pandemic.</p><p><h2>Momentum Factor suffers the biggest pullback/retracement in four years, and retail investors bear the brunt</h2>The collapse of momentum trading this month has dealt a particularly direct blow to retail investors.</p><p><a href=\"https://laohu8.com/S/HOOD\">Robinhood</a>Retail heavyweights such as Markets and Marvell are among them,<strong>The related basket dropped the most this month since 2022.</strong></p><p>Viraj Patel, global macro strategist at Vanda Research, noted, \"Semiconductor and AI hardware stocks have been the core drivers of momentum strategy, and these names have been in retail portfolios for a long time.\" It is this highly concentrated position structure that makes the pullback/retracement of momentum factor far more lethal to retail investors than other groups.</p><p><h2>Multiple negative superposition, crowded trading accelerates the collapse</h2>The collapse of momentum trading was not caused by a single factor.</p><p>According to Bloomberg, doubts about the outlook for AI investment returns first triggered hedge funds to trim tech positions at a record pace; Subsequent renewed tensions in Iran and concerns about the direction of the Federal Reserve's interest rate further eroded investor confidence in an already highly crowded deal.</p><p>At the sector level, technology ETFs suffered large-scale capital outflows.</p><p><h2>Retail Participation Drops to Lowest Since Pandemic, Not Full Retreat</h2>The market activity of retail investors has obviously contracted in this round of shocks.</p><p>Weekly rolling net buying of individual stocks has fallen to its lowest level since Covid, according to Vanda Research data.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Securities data showed that the total inflow of retail funds in the week ending Wednesday was $5.7 billion, lower than the weekly average of $6.8 billion in the past 12 months.</p><p>\"The slowdown in retail participation closely aligns with the recent nervousness surrounding momentum pullback/retracement,\" JPMorgan Chase's Arun Jain wrote in the report.</p><p>However, JPMorgan data also shows that retail investors have not fled in an all-round way, but have become more picky.</p><p><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>And<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>continues to attract substantial net buying, while<a href=\"https://laohu8.com/S/AAPL\">Apple</a>And<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It is under the greatest selling pressure. Patel said, \"<strong>Retail money flows are becoming very fragmented. Unlike last year's logic of 'buy everything AI', retail investors are now very cautious in stock selection.</strong>\"</p><p><h2>Wall Street recommends bargain-hunting layout, momentum factor now signals strong rebound</h2>The sharp decline has prompted several Wall Street trading desks to advise clients to buy the dip.</p><p>Michael Romano of UBS Securities wrote in a client note that the sell-off may have priced in much of the speculative bubble or bottomed prices.<strong>The Bank of America trading desk, for its part, urged clients to buy U.S. momentum stocks, arguing that the sector has entered an attractive entry opportunity after a round of profit-taking.</strong></p><p>From the recent data, the rebound signal has emerged.<strong>Bank of America's basket of U.S. momentum stocks rose 8.9% over the past three sessions, its biggest three-day gain since November 2024; UBS's momentum gauge surged 11%, its biggest three-day gain since 2022.</strong></p><p>\"Momentum trading — and retail investors — has been on a rollercoaster ride,\" Patel said. \"But once the selling pressure subsides and the buyer strike ends, the conditions for a meaningful rebound will be stronger.\"</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>\"YOLO\" retail investors anti-quilt! Momentum factor hit the biggest pullback/retracement in four years, and the hottest group stocks evaporated by 25% in one month</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n\"YOLO\" retail investors anti-quilt! Momentum factor hit the biggest pullback/retracement in four years, and the hottest group stocks evaporated by 25% in one month\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2026-07-24 22:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The rapid collapse of momentum trading is hitting its most loyal fans, retail investors.</p><p>The basket of stocks that track retail investors' favorite holdings fell the worst this month since 2022, with the Russell 1000 High Retail Engagement Basket compiled by Jefferies falling more than 25% cumulatively since June.</p><p>Among the 11 quantitative factors tracked by Bloomberg, the momentum factor performed at the bottom of July, making it the most hurt strategy in this round of market correction.<strong>The iconic \"YOLO\" (you only live once) chasing operation of retail investors suffered a positive impact this month.</strong></p><p>Multiple negative overlays are the main reason for the collapse of this momentum trade: doubts about the huge investment returns of artificial intelligence prompted hedge funds to close out tech positions at record rates, and the resurgence of Iran and uncertainty over the Fed's interest rate path further weighed on an already heavily crowded trade. Market participation among retail investors has cooled significantly as a result – Vanda Research data shows that weekly rolling net buying of individual stocks has fallen to its lowest level since the pandemic.</p><p><h2>Momentum Factor suffers the biggest pullback/retracement in four years, and retail investors bear the brunt</h2>The collapse of momentum trading this month has dealt a particularly direct blow to retail investors.</p><p><a href=\"https://laohu8.com/S/HOOD\">Robinhood</a>Retail heavyweights such as Markets and Marvell are among them,<strong>The related basket dropped the most this month since 2022.</strong></p><p>Viraj Patel, global macro strategist at Vanda Research, noted, \"Semiconductor and AI hardware stocks have been the core drivers of momentum strategy, and these names have been in retail portfolios for a long time.\" It is this highly concentrated position structure that makes the pullback/retracement of momentum factor far more lethal to retail investors than other groups.</p><p><h2>Multiple negative superposition, crowded trading accelerates the collapse</h2>The collapse of momentum trading was not caused by a single factor.</p><p>According to Bloomberg, doubts about the outlook for AI investment returns first triggered hedge funds to trim tech positions at a record pace; Subsequent renewed tensions in Iran and concerns about the direction of the Federal Reserve's interest rate further eroded investor confidence in an already highly crowded deal.</p><p>At the sector level, technology ETFs suffered large-scale capital outflows.</p><p><h2>Retail Participation Drops to Lowest Since Pandemic, Not Full Retreat</h2>The market activity of retail investors has obviously contracted in this round of shocks.</p><p>Weekly rolling net buying of individual stocks has fallen to its lowest level since Covid, according to Vanda Research data.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Securities data showed that the total inflow of retail funds in the week ending Wednesday was $5.7 billion, lower than the weekly average of $6.8 billion in the past 12 months.</p><p>\"The slowdown in retail participation closely aligns with the recent nervousness surrounding momentum pullback/retracement,\" JPMorgan Chase's Arun Jain wrote in the report.</p><p>However, JPMorgan data also shows that retail investors have not fled in an all-round way, but have become more picky.</p><p><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>And<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>continues to attract substantial net buying, while<a href=\"https://laohu8.com/S/AAPL\">Apple</a>And<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It is under the greatest selling pressure. Patel said, \"<strong>Retail money flows are becoming very fragmented. Unlike last year's logic of 'buy everything AI', retail investors are now very cautious in stock selection.</strong>\"</p><p><h2>Wall Street recommends bargain-hunting layout, momentum factor now signals strong rebound</h2>The sharp decline has prompted several Wall Street trading desks to advise clients to buy the dip.</p><p>Michael Romano of UBS Securities wrote in a client note that the sell-off may have priced in much of the speculative bubble or bottomed prices.<strong>The Bank of America trading desk, for its part, urged clients to buy U.S. momentum stocks, arguing that the sector has entered an attractive entry opportunity after a round of profit-taking.</strong></p><p>From the recent data, the rebound signal has emerged.<strong>Bank of America's basket of U.S. momentum stocks rose 8.9% over the past three sessions, its biggest three-day gain since November 2024; UBS's momentum gauge surged 11%, its biggest three-day gain since 2022.</strong></p><p>\"Momentum trading — and retail investors — has been on a rollercoaster ride,\" Patel said. \"But once the selling pressure subsides and the buyer strike ends, the conditions for a meaningful rebound will be stronger.\"</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4ac494ab6270d0f00852bcbe4f20cfa3","relate_stocks":{"XMVM":"Invesco S&P MidCap Value with Momentum ETF","HOOY":"HOOD期权收益策略ETF-YieldMax","ROBN":"2倍做多HOOD ETF-T-REX","HODU":"Direxion Daily HOOD Bull 2X ETF","HOII":"REX HOOD Growth & Income ETF","HOOD":"Robinhood","BK4585":"ETF&股票定投概念","HOOZ":"2倍做空HOOD ETF-Defiance","MVLL":"2倍做多MRVL ETF-GraniteShares","HOYY":"GraniteShares YieldBOOST HOOD ETF","SEIM":"SEI Enhanced U.S. Large Cap Momentum Factor ETF","JOET":"Virtus Terranova U.S. Quality Momentum ETF","BK4588":"碎股","MRVU":"Direxion Daily MRVL Bull 2X ETF","MTUM":"MSCI美国动量因素ETF-iShares Edge","HOOG":"2倍做多HOOD ETF- Leverage Shares","HOOI":"Defiance Leveraged Long + Income HOOD ETF","MRVL":"迈威尔科技","QMOM":"Alpha Architect U.S. Quantitative Momentum ETF","HOOW":"Roundhill HOOD WeeklyPay™ ETF","HOOX":"2倍做多HOOD ETF-Defiance"},"source_url":"https://wallstreetcn.com/articles/3777891","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2653080385","content_text":"动量交易的急速崩塌，正在重创其最忠实的拥趸——散户投资者。\n追踪散户最爱持仓的股票篮子本月跌幅创2022年以来最差，Jefferies编制的罗素1000高散户参与度篮子自6月以来已累计下跌逾25%。\n彭博追踪的11个量化因子中，动量因子7月表现垫底，成为本轮市场调整中受伤最深的策略。散户标志性的\"YOLO\"（你只活一次）式追涨操作，在这个月遭遇了正面冲击。\n多重利空叠加是此次动量交易崩塌的主因：对人工智能巨额投资回报的疑虑促使对冲基金以创纪录速度平仓科技头寸，伊朗局势重燃以及美联储利率路径的不确定性进一步打压了这一已严重拥挤的交易。散户的市场参与度随之明显降温——Vanda Research数据显示，个股周度滚动净买入额已跌至新冠疫情以来最低水平。\n动量因子遭遇四年最大回撤，散户首当其冲\n本月动量交易的溃败，对散户投资者造成了尤为直接的打击。\nRobinhood Markets和Marvell等散户重仓股均在其中，相关篮子本月跌幅为2022年以来最大。\nVanda Research全球宏观策略师Viraj Patel指出，\"半导体和AI硬件股票一直是动量策略的核心驱动力，这些名字在散户投资组合中由来已久。\"正是这种高度集中的持仓结构，使得动量因子的回撤对散户的杀伤力远超其他群体。\n多重利空叠加，拥挤交易加速瓦解\n此次动量交易的崩塌并非单一因素所致。\n据彭博报道，对AI投资回报前景的疑虑首先触发了对冲基金以创纪录速度削减科技头寸；随后，伊朗局势的再度紧张以及市场对美联储利率走向的担忧，进一步侵蚀了投资者对这一已高度拥挤交易的信心。\n在板块层面，科技类ETF遭遇大规模资金外流。\n散户参与度降至疫情以来最低，但并未全面撤退\n散户的市场活跃度在此轮冲击中明显收缩。\nVanda Research数据显示，个股周度滚动净买入额已降至新冠疫情以来最低水平。摩根大通证券数据则显示，截至本周三的当周散户资金流入总额为57亿美元，低于过去12个月68亿美元的周均水平。\n摩根大通的Arun Jain在报告中写道，\"散户参与度的放缓，与近期市场围绕动量回撤所呈现的紧张情绪高度吻合。\"\n不过，摩根大通数据同时显示，散户并未全面出逃，而是变得更加挑剔。\n微软和英伟达仍持续吸引可观的净买入，而苹果和特斯拉则承受了最大的卖出压力。Patel表示，\"散户资金流向正变得非常分散。不像去年'买入一切AI'的逻辑，现在散户的选股非常谨慎。\"\n华尔街建议逢低布局，动量因子现强劲反弹信号\n急速下跌已促使华尔街多家交易台建议客户逢低买入。\n瑞银证券的Michael Romano在客户报告中写道，此轮抛售可能已消化了大部分投机性泡沫，或已为价格筑底。美国银行交易台则敦促客户买入美国动量股，认为经历一轮获利了结后，该板块已进入具有吸引力的入场时机。\n从近期数据来看，反弹信号已经出现。美国银行的美国动量股篮子过去三个交易日上涨8.9%，为2024年11月以来最大三日涨幅；瑞银的动量指标更是飙升11%，创2022年以来最大三日涨幅。\nPatel表示，\"动量交易——以及散户——经历了一段过山车行情。但一旦卖出压力消退、买方罢工结束，实现有意义反弹的条件将愈发充分。\"","news_type":1,"symbols_score_info":{"HOOI":0.6,"HOYY":0.6,"MRVL":2,"HOOZ":0.6,"HODU":0.6,"HOII":0.6,"MVLL":0.6,"MRVU":0.6,"HOOY":0.6,"HOOG":0.6,"SEIM":1.5,"HOOD":2,"JOET":1.5,"XMVM":1.5,"ROBN":0.6,"MTUM":1.5,"HOOX":0.6,"QMOM":1.5,"HOOW":0.6}},"isVote":1,"tweetType":1,"viewCount":83,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":26,"optionInvolvedFlag":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}