There’s a huge disconnect in the US stock market right now.
A new Bank of America Merrill Lynch survey published Friday finds that U.S. investors have pulled $US79B out of equities year to date — including net outflows in 9 of the past 10 weeks — despite stock prices continuing to break new record highs.
On Thursday, the Nasdaq closed at its highest since March 2000.
And on Friday, the S&P 500 traded at another intraday high above 2120, crossing the record for a second straight day.
As this imbalance grows, Bank of America writes that the risk of something we haven’t seen in the market in years will continue to grow: a correction.
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