Smart money? Looks like it's really mom and pop

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Market's retail investor push

For the most recent leg of the rally, it seems like the so-called smart money may not be so smart after all.

Deep-pocketed institutional investors appear to have lagged over the past month, at least judged by the traditional yardsticks of daily trading behavior.

Traditional market lore has it that retail investors and smaller traders hit the market in the early part of the day, while the larger investors do their business nearer to the market close.

If that's true, the smart money has been losing.