We could yarn on for hundreds of words discussing the ins and outs of falling volumes and record-er highs in US equity markets as Treasury bond yields collapse, macro- and micro-fundamental data slumps, and the total nonsense with regard to 'cash on the balance sheets' when it is all levered to the max. But when it comes to showing just who is buying the hope... and who is selling the hype, the following chart from BofAML sums it all up... institutional clients sold the most since January and the 4th most on record in the last week as retail clients continued their buying streak.
Institutional clients are dumping equities off to retail clients... thank you very much...
Last week, during which the S&P 500 was down 0.1%, BofAML clients were net sellers of $1.5bn of US stocks following a week of net buying.
Net sales were chiefly due to institutional clients, who have now sold stocks for the last five consecutive weeks and are the biggest net sellers year-to-date. Net sales by this group last week were their largest since January and the fourth-largest in our data history (since 2008).
Hedge funds were net buyers for the fourth consecutive week, and private clients also continued their net buying streak.