Two Bros Walk Into A Bearish Bar
Where is the FOMO?
For markets sitting not far from the highs, the flow picture is surprisingly cautious. Risk demand is back to neutral, equity sentiment has turned negative, US fund inflows have collapsed, ETF flows are weak and hedge funds are running unusually low exposure. In other words, there isn't much FOMO hiding under the hood. Except, naturally, in two places: tech and Bitcoin. Here are the 10 flow charts that caught our attention this week — plus one slightly uncomfortable bonus chart from the very bottom of the credit barrel.