Retail Sold $3.1BN In Last Week Of 2022, 3rd Worst Week On Record, Driven By Record Tesla Outflows
While it won't come as a shock to those following the strong daily selloffs in the last trading days of 2022, when liquidations out of the gate crippled any attempt at a sustained Santa rally, but according to JPMorgan's retail flow tracking guru Peng Cheng, retail traders sold -$3.1B in the last week of 2022, making it the third worst week of net selling in history.
According to the JPM strategist, in addition to bearish sentiment, year-end tax loss selling was likely a major factor, and resulted in heavy outflows in single stocks this December.