Panic Resetting

Recent pullback as a buying opportunity

"Equity funds have seen $28B in total outflows in the past two weeks, making a small dent in $134B of inflows YTD. Equity flows have largely tracked narrow markets YTD with flows into passive funds and Growth sectors. A pickup in small caps inflows points to some broadening. Citi’s Levkovich Index remains in “Euphoria” territory, but bullish positioning has unwound and now looks more neutral, particularly in the US. The current earnings season could re-focus investor attention on solid underlying fundamentals; we would view the recent pullback as a buying opportunity" (CITI)

Mag6 - time for a reality check