We are within the midst of one of many all-time nice divergences in markets proper now.
On the one hand, you have got the BofA fund supervisor survey (and lots of different information factors) exhibiting that fund managers have been lightening up on the US and are as near as bearish as they have been.
On the flipside, this was from a JPMorgan report yesterday:
“Retail accounted for 36% of all trading volume today. Highest ever. Retail has learned the hard way, getting left behind during previous stock recoveries supported by policy puts. There is almost an unwavering commitment from retail to never make that mistake again”.
Some jitters have kicked into shares within the final half-hour and the S&P 500 is down 40 factors, or 0.7%.
SPX intraday
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