As the S&P 500 touched another record high last week, Bank of America’s clients continued to sell stocks, while etf net buys were hot especially in one sector, that’s according to the bank’s weekly Equity Client Flow trends report issued today.
The report notes that while net buys of ETFs for the week hit a four-week high, buying was offset by sales of single stocks Sales were led by institutional clients, who have sold stocks the last five weeks and are the biggest sellers of equities this year. Hedge funds were also sellers (for the third straight week), while private clients were net buyers for the second week (entirely due to ETFs).Clients were broad-based sellers of...
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