Maybe it's faint, and many would say far-fetched, but there's a case to be made for stocks moving nicely higher. Investors, though, seem uninterested in hearing it.
Withdrawal of money from equity funds is no longer a reflex in response to sudden market drops, but something like normal, default behavior. Another $5.8 billion left stock mutual funds and exchange-traded funds in the latest week, according to Merrill Lynch, the sixth-straight week of outflows, all coming with stocks stabilizing a few percent from all-time highs.
The tally for the year: $96 billion withdrawn from equity funds or roughly 1.3 percent of assets under management. About two-thirds of that total have been added to bond funds.