For another, money is pretty much pouring into all asset classes except for some commodities, so it's hard to read anything into mutual fund trends at this point.
"When mutual fund investors pile into equities, it's usually a very negative sign for the market," legendary mutual fund titan Jack Bogle, founder and head of Vanguard, said in a CNBC interview Friday as the market staged a robust rally.
And piling in they are.
Stock-focused mutual funds saw about $32 billion in fresh cash to start the year, according to the Investment Company Institute, as the Standard & Poor's 500 posted its best January in 16 years. (Read More: January Barometer May Not Deliver This Time Around)
So it's all risk-on now, right?
Hold on a minute.
Safe-haven bond funds did even better than stocks, collecting some $37 billion in new assets. Dead money in zero-yielding money markets, meanwhile, was little changed near $2.7 trillion.
And it wasn't just stocks and bonds that saw piles of new money come in. Even funds that focus on bank loans posted a fresh new record last week, raking in $927 million to cap off a tremendous month that saw net assets grow by $3.3 billion.
In fact, bank loans topped every other asset class in new money as a percentage of total assets, according to Bank of America Merrill Lynch.
Taken together, the numbers indicate that the answer to whether the market is on risk-on or risk-off mode is "yes." (Read More: Why Inflation Could Eat Into Stock Gains: Kyle Bass)
That's likely one reason why fund flows are being treated with caution by some stock market experts.