The Casino seemed to be open and most of the action is short term and/ or US Dollar driven. Yes we see some complacency but also a lack of conviction. Treacherous circumstances !!
Let's start with Money Market Flows that show that greed is back and everybody is scared of negative carry....
The Retail Mutual Fund Flows show a relative weakening, particularly on the Fixed Income side. Fixed Income flows are still positive as opposed to Equity outflows. This does NOT support a solid rally !!
Ouch! Looks like the Banks are experiencing ETF outflows. How does this reconcile with the recent action on the banking side is still unclear...
Fixed Income ETFs still act as Safehaven!
What does the still positive but deteriorating action in emerging markets and commodities mean is also still unclear at this point.
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