From Dan Greenhaus at BTIG:
One of the many sayings on Wall Street — some worth discrediting — is that the retail investor is often, if not always, the last to the party. While we’ll leave the possible discrediting of this belief for another day, we will note that in the most recent week for which we have data, $1.92 billion flowed into domestic equity funds according to ICI. This would be the largest single week inflow to domestic equity funds in 2012 and sets up February to be the first positive month for domestic equity flows since April 2011. Given what happened shortly thereafter, we imagine many clients may be looking to this data as suggestive of a top, a belief they may or may not have shared prior to the flow data’s release.
Yep, that was the year of last year’s market peak.