Citadel Securities’ Rubner: Retail Investors May Return to US Stocks in October

Rubner's call rests less on a bullish view than on market mechanics: the earnings calendar and the reopening of the buyback window are structural supports that were absent during September's cooldown. That framing matters because it treats retail re-entry as a function of liquidity and calendar, not sentiment — the same logic that keeps institutional flows seasonal. The open question is whether retail participation actually follows through once volatility persists, since a cleaner starting point does not guarantee a sustained bid.