Who's Selling?

We know there is one indiscriminate non-economic buyer in the US equity markets - the entirely ignorant of valuation concerns, funded with record high leverage, corporate buyback machine. But who is selling to them? Once again, as BofAML notes, institutional clients are net sellers of US equities since Mid-April (and are cumulative net sellers year-to-date). So do you chase the non-economic float-shrinkers... or the large professional investors?

Now you know... who's selling to you when you are BTFATHing...

 

It's been a while...

 

Last week - as stocks soared, it was institutional clients who were piling out of stocks... and retail/private clients piling in...


 

As BAML notes, last week, during which the S&P 500 was up 2% and reached a new all-time high of 1900, BofAML clients were net sellers of US stocks for the second consecutive week, in the amount of $286mn.

 

Source: BofAML