Investors are increasingly behaving like pros, according to TD Ameritrade Strategist JJ Kinahan. For example, TD Ameritrade clients were net buyers of stock following the brief, sharp selloff in mid-October. However, they rotated out of higher volatility stocks into lower beta names to take some risk off the table. Kinahan cites this behavior as an example of investors 'being smart about allocating capital.' Kinahan says TD Ameritrade saw similar behavior with investors in Citigroup. When the bank was fined over foreign exchange price manipulation, retail investors sold some shares, but did not get out of the stock entirely. Previously, he says, retail investors were either all in or all out of a stock. He attributes the new behavior to the financial crisis--an event he believes taught investors more about how the market works.