The chief executive of online brokerage TD Ameritrade said retail investors have been participating in the recent stock market rally but remain cautious.
"There has been so much talk lately about the role of the individual investor in regard to what's taken place in the market," Chief Executive Officer Joe Moglia told CNBC's Kudlow and Company.
"The individual investor is definitely involved, but they're not overly bullish in terms of what's going on," said Moglia. "They are worried a little bit about GDP, the housing market and energy prices. They are involved, but they aren't as widely involved as the market rally indicated."
The Ameritrade CEO also noted that retail investor participation was a lagging market indicator.
"As far as the markets themselves, I worry a little bit, because you can't have this kind of a rally without some sort of a breather, and that's why I think we've got to get ready for that," he said.