So the answer is retail investors are in the market, they just think they are being safe. Of course its the public who is buying the top of the 30 year bond bull market. Things never change.
So don't get all hyped up about when retail is going to take "risk" again. They already are taking the biggest risk of all - thinking the bond market is a "safe" haven and that the Ponzi scheme will go on forever.
Money market assets presented below via Sentiment Trader: