A Most Remarkable Market: In Week The S&P Hit Record High, Everyone Sold

Jon Alternative Media, Blogosphere, Market Commentary

This continues to be truly the most remarkable “market.”
Last week, in which the S&P 500 hit new all time highs, BofAML reports that its clients (institutions, hedge funds and private clients) who have sold stocks for all but 2-3 weeks in all of 2016, once again sold $1.9 billion of US stocks, the largest weekly outflow since early June. Net sales were led by institutional clients, which has been true most weeks this year; redemptions from mutual funds amid poor performance is likely one driver here. Private clients were also net sellers (for the fourth week), with sales by this group their largest since early 2014. Hedge funds were small net sellers after buying stocks for the prior seven weeks.

This post was published at Zero Hedge on Aug 3, 2016.