Buying the dip is played out. Retail investors are all about 'sell the rip' now.

Fadel SENNA / AFP

• Until recently, retail investors could be relied upon to buy any dip in stocks.
• The Iran war has changed that.
• Recent data shows day traders have been "selling the rip" instead, indicating nerves.

Death, taxes, and retail traders buying the dip.

Those used to be the only certainties in life. Throughout 2025, even when institutional investors were feeling sheepish, day traders could be relied upon to step in and backstop a sell-off.