The "great reopening trade" is being led by investment professionals at the expense of retail day traders who got interested in the stock market during this year's "WallStreetBets revolution," CNBC's "Mad Money" host Jim Cramer said Friday.
"The money managers have taken back control of the market. And they don't want to pay 100 times sales; they prefer to pay 10 times earnings," Cramer said on "Squawk on the Street," pointing out that pros lately are avoiding high flyers with lofty valuations in favor of less-flashy names tied to the easing of Covid mitigation restrictions on businesses.
The 1990s-type day trading — which made a comeback earlier this year, exemplified by the GameStop frenzy — had led to a surge in trading volume in recent months. But volume has now started to pull back, as observed this week by CNBC's Bob Pisani, raising questions about whether retail investors are throwing in the towel.