As tech stocks continue to hit new all time highs, the general assumption is that they are being, well, bought by the broader population even if non-growth stocks remain largely shunned. Well, at least according to Bank of America that is not happening. And it’s not just tech stocks.
In the latest client flow report from BofA’ Jill Hall, we learn that last week, during which the S&P 500 climbed 0.2%, BofAML clients were net sellers of single stocks for the third consecutive week, although the number was almost offset by net buying of ETFs. Institutional clients were the biggest sellers and have now sold stocks the last two weeks, while private clients were also sellers following two weeks of buying. Hedge funds were net buyers for the second consecutive week. Clients bought mid caps for the third week in a row, and sold both large and small caps. Buybacks by corporate clients slowed ahead of quarter-end, and continue to track below typical June levels.
As for Tech, it appears thatit goes up the more traders sellit:
This post was published at Zero Hedge on Jun 27, 2017.
Follow on Twitter
Recent Comments