Yesterday, the market's concerns about Moody's downgrade and the risk of US Treasury bonds led to another triple kill of stocks, bonds, and foreign exchange before the opening of the US stock market. However, all three major stock indices opened lower and eventually closed higher. There may be three possible reasons: The second and third leaders of the Federal Reserve said they will not do anything in June and July and need more time to observe and see the outlook for the US economy. There are two interpretations of this: 1) There will be no interest rate cuts before July, 2) But the latest one will be in September, giving the market a pie in the sky 2. The impact of tariffs has not yet been felt, and the market underestimates the risks of tariffs and inflation. People feel good and extremely complacent - JPMorgan CEO Jimmy Damon On Monday noon US time, retail investors' net purchases of US stocks reached a record high of $4.1 billion, accounting for 36% of the overall market trading volume, setting a new historical high and surpassing the previous peak at the end of April. The "buying on dips" behavior of individual investors has successfully stabilized the market in the short term, and the three major indices have reversed and closed higher, demonstrating the influence of individual investors in market turbulence. However, if retail investors continue to chase higher due to the market rebound, it may push up the valuation and increase the risk of foam. Although individual investors have achieved temporary victories and even successfully pushed down institutions in events similar to GameStop in history, in the long run, market trends are dominated by fundamentals and institutions. After emotions dissipate, it is inevitable that there will be a pullback That is to say, there is a divergence between retail investors and institutional "smart money" in the current market. Retail investors believe it is a "bargain hunting" while institutions may see it as a "high-level exit". I just want to say that different people have their own opinions. Let's exchange an SB between long and short positions and finally see the result.