Rambling around the financial sites looking for distractions between trades, I keep hearing about "the wounded investor" and about how "he is fed up and not coming back for a while." Does anyone have credible/documented info on how big a role Joe Sixpack really plays in this market, and how badly his "departure" is affecting liquidity and movement, if at all (aside from the fact that there are fewer suckers around to sell lower and buy higher these days). My intuitive guess is that the everyman's role is fairly small potatoes compared to the institutionals, funds etc., who have to play and will continue to play regardless of conditions. Not to mention the fact that Joe's retirement funds are still coming into the market because you can only buy so many bonds and gold coins before you have to turn back to equities. Chasing the jello around on the plate, as Fleckenstein sez. I know I've sort of answered my question w/ my own opinion here but I'm curious to hear what others think about the "departure" of the "wounded investor."