ETF Buys Hit Record On Tax Reform Hopes

Clients of Bank of America were buys of stocks for the second consecutive week last week, although while the over trend was net buying, some sectors saw heavy selling.

Interesting, the sectors that are most likely to benefit from tax reform saw the most selling. As BoA reports:

"Clients sold single stocks across nine of the 11 sectors last week, led by Discretionary and Industrials (two of the biggest potential beneficiaries of corporate tax reform). Net sales of both sectors were near record levels (11th- and 14th-largest in our data history, respectively). Net sales of Telecom stocks – another tax reform beneficiary – were also elevated (18th-largest in our data history)."

Still, overall the trend was positive with ETF net buys hit the...