Guess Who Was Buying At The Bottom
Remember when the retail investor was the butt of all jokes, abused by the "smart money" hedge funds and prop desks to soak up hot potatoes and even hotter grenades? Well, to quote Matthew, those who are last now will be first then, and those who are first will be last: because the dumb money just got very smart. As the latest update from ICI shows, in the last week of May, when all the "smart" money was selling hand over fist, it was the retail investor who bottom-timed the market perfectly.
Perhaps we really are in a New Normal when the one correct indicator of market inflection points are Ma and Pa Sixpack (especially compared to hedge funds who got destroyed in the month of May)...
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