As seen in the chart below, US technology funds have seen historic outflows over the last month.
With over $5 billion of outflows since October 1st, this is more than DOUBLE the outflows seen at the start of the 2022 bear market.
Despite record highs, we have record selling. pic.twitter.com/KcMjrtv3VV
— The Kobeissi Letter (@KobeissiLetter) November 10, 2024
On October 18, we posted this alert for premium members calling for S&P 500 to hit 6,000.
On Friday, 6,000 was HIT even with tech trading lower.
Our members are up +1500 POINTS on $SPX trades since August 5.
Join below to see our calls for this week:https://t.co/SJRZ4FrfLE pic.twitter.com/eDRPOLuWN8
— The Kobeissi Letter (@KobeissiLetter) November 10, 2024
The Russell 2000 ETF, $IWM, saw a MASSIVE $3.9 billion net inflow on Wednesday, the largest in 17 years.
The S&P Regional Banking ETF, $KRE, pulled in a $1.3 billion inflow, the biggest on record.
The Financial Sector ETF, $XLF, saw $1.6 billion of inflows, the most since 2016.
— The Kobeissi Letter (@KobeissiLetter) November 10, 2024
Overall risk appetite has likely never been stronger.
One of the best signs of risk appetite is #Bitcoin, which just hit $80,000 for the first time in history.
This puts Bitcoin +114% higher over the last year with a record high market cap of $1.57 TRILLION. pic.twitter.com/iivajavbE4
— The Kobeissi Letter (@KobeissiLetter) November 10, 2024
Looking ahead, we will continue to monitor flows into and out of stocks, but attention shifts back to the Fed.
This week, we have both CPI and PPI inflation after Core CPI JUMPED last month to 3.3%.
We also await more information on the Trump Administration's fiscal policies. pic.twitter.com/vwbnvdKvsp
— The Kobeissi Letter (@KobeissiLetter) November 10, 2024
Tech fund flows (weeky & 4-week MA) pic.twitter.com/jbfucaVott
— Win Smart, CFA (@WinfieldSmart) November 10, 2024
Lookin like another rip today 🚀🚀🚀🔥🔥🔥 pic.twitter.com/UlR0AnEdn0
— QE Infinity (@StealthQE4) November 11, 2024
1,168 views