Last week we reported that for the first time since the election, Bank of America’s smart money clients were, as a group, selling stocks. As BofA’s Jill Carey Hall calculated, after significant buying over the past few weeks, net client sales of $2.1 billion were the largest since June. However, there was a further nuance, one which has emerged as troubling for those calling for sustained gains in the market.
As the following chart shows, while Private Clients, aka high net worth retail investors, have been on a furious buying spreed unlike anything seen in the past decade (green area chart below), prominent institutional clients have skipped the Trump rally altogether and have been net sellers for the past 12 months, with hedge funds joining in over the last few weeks.
This post was published at Zero Hedge on Feb 25, 2017.
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