After BTFATH in June, and being rotated into by the professionals in early July, it would appear that the apparent 'greater fools' are heading for the exits now. As we noted here [3], the 'retail' buyer of what the institutions were selling suggested things were getting a little too exuberant but as TD Ameritrade's Investor Movement Index shows that the retail investor is now a net seller of equities. Their proprietary index is now at its lowest level for 2013 and the last few days in stocks suggest the institutional sellers have run out of willing 'at any cost' great rotating equity buying 'greater-fools' (despite the mainstream media's call for moar BTFATH). Between Monday's record-breaking 'quote spam' and the JPY carry unwind occurring, we await the next call for Mr. Bernanke (or Kuroda) to get back to work.
[4]
Source: TD Ameritrade [5] [5]