Maybe at some point the rally was all “technical”, low-volume stuff, but here’s some support for the idea that the mountains of cash on the sidelines are coming back in.
Mutual funds — yes, those, it’s still a really big industry — continue to see very rapid cash inflows
WSJ: Total estimated inflows were $13.6 billion in the week ended June 3.
Stock funds had estimated inflows of $4.63 billion, up from $1.59 billion the previous week. Weekly outflows from stock funds topped $10 billion earlier this year before the market started to rebound in March, boosting traders’ confidence that the end of the bear market might be in sight. Inflows were $2.83 billion at U.S. stock funds, also marking their 12th-consecutive week of inflows, while foreign funds took in $1.8 billion.