YWR: Killer Charts
Usual disclosures: This is just market commentary. This is not investment guidance or advice. For that seek professional help.
First, I want to go through a few sentiment charts/images.
Then I’ll tell you what I think.
This caught my eye on X.
I’ll add Gerard Minack and Alpine Macro to this list.
As did this. Michael Burry shorting the S&P again.
The S&P institutional manager survey for August.
PM’s are bearish.
PM’s think earnings forecasts are too high and will likely fall.
US stock markets have done well this year, but retail investors aren’t buying it.
Fund flows into US and European equities are negative.
They keep pounding the UK.
Positive flows have been into Japan and China (surprisingly).
Nobody likes High Yield or EM debt. 3 years of outflows.
Top to bottom that’s $120 billion out of High Yield.
And of course the real winner on flows has been Money Market funds.
Almost every year Money Market funds do well. Money market funds are up to $5.5 trillion now.
Europeans piling into bonds too.
Can I say what picture this paints?
And ‘What could be the money making trades?’