Still no signs of inflows into U.S. mutual funds, according to TrimTabs. Charles Biderman phoned to say that U.S. equity funds continued to see outflows of $5 billion in October. Still, it's the smallest outflow since April.
International equity funds had modest inflows of $5 billion, continuing a trend that has gone on for more than a year (out of U.S., into international).
Bond funds? The tsunami continues...$24.5 billion inflows.
Why does the U.S. equity market continue to show no signs of inflows, despite a terrific two-month run? According to Biderman, the average investor since 1998 has invested in the S&P 500 at roughly 1,400 — with the S&P at 1,200 many are still under water.
How is that, since the S&P has only been near 1,400 for at best 4 of the last 12 years? Because many only put money in when markets are moving up to new highs, Biderman notes.
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