Focus shifts from inflows to outflows
Flow guru Scott Rubner at Goldman Sachs reminds us of the shift in flows. The message is basically there are no more inflows.
1. The average entry point on a record ~$1.4 Trillion worth of inflows is $4,163 in S&P 500 terms.
2. For every $100 deployed into the stock market over 74 weeks only $2 have been redeemed thus far.3. Passive funds saw 100% of the inflows over this period. USA funds saw 75% of inflows ($1.05 Trillion) vs. ROW saw 25% of inflows ($350 Billion)4. watch the generals - "When you redeem $1 from QQQ, you are selling 13 cents in AAPL, 11 cents in MSFT, 8 cents in GOOG/L, 6 cents in AMZN, 4 cents in TSLA. 42 cents of every $1 sold from 5 stocks"5. Rubner writes he has never seen this type of selling...people are redeeming, i.e ...which translates into selling of the big names (seen Apple lately?).Add to the above the current short gamma and shitty liquidity and things will continue to be very frustrating for most.
1. The average entry point on a record ~$1.4 Trillion worth of inflows is $4,163 in S&P 500 terms.
2. For every $100 deployed into the stock market over 74 weeks only $2 have been redeemed thus far.3. Passive funds saw 100% of the inflows over this period. USA funds saw 75% of inflows ($1.05 Trillion) vs. ROW saw 25% of inflows ($350 Billion)4. watch the generals - "When you redeem $1 from QQQ, you are selling 13 cents in AAPL, 11 cents in MSFT, 8 cents in GOOG/L, 6 cents in AMZN, 4 cents in TSLA. 42 cents of every $1 sold from 5 stocks"5. Rubner writes he has never seen this type of selling...people are redeeming, i.e ...which translates into selling of the big names (seen Apple lately?).Add to the above the current short gamma and shitty liquidity and things will continue to be very frustrating for most.
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