Second, and more important, is that as Bank of America reported earlier this week, in the latest week "during which the S&P 500 climbed 1.1%, BofAML clients were net sellers of US stocks for the seventh consecutive week. Net sales of $3.7bn were the largest since September and led by institutional clients (where net sales by this group were the second-largest in our data history). Hedge funds and private clients were also net sellers, as was the case in each of the prior two weeks, but a different group has led the selling each week. Clients sold stocks across all three size segments, and net sales of mid-caps were notably the largest since June ’09."
Wouldn't this be construed as bullish. After all we were at the start of a 7 year bull mkt the last time this occurred.