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Thursday, October 14, 2010 12:10:42 AM
Mutual Funds See 23rd Sequential Outflow, As Redemptions Accelerate, Hit $80 Billion
Sorry CNBC (and Bob) but there is no way to spin this. ICI has just reported the latest in what is now a weekly farce: nobody wants a piece of this market. Nobody. Retail is out permanently, as was confirmed by the 23rd sequential outflow from domestic equity mutual funds, this time redeeming $5.6 billion, the highest since the beginning of September, right before the Fed full blown stock ramp intervention began. And that brings the total YTD mutual fund redemptions to $80 billion. Sorry bankers - no greater fool, no hot potato. The jig is up. Have fun selling AAPL at $50,000,000 to each other (and of course ENIAC) in subpenny increments. Everyone else will stick to bonds and gold. Lights out.
Weekly outflows:
http://www.zerohedge.com/article/paging-bob-pisani-mutual-funds-see-23rd-sequential-outflow-redemptions-accelerate-hit-80-bil#comments
Sorry CNBC (and Bob) but there is no way to spin this. ICI has just reported the latest in what is now a weekly farce: nobody wants a piece of this market. Nobody. Retail is out permanently, as was confirmed by the 23rd sequential outflow from domestic equity mutual funds, this time redeeming $5.6 billion, the highest since the beginning of September, right before the Fed full blown stock ramp intervention began. And that brings the total YTD mutual fund redemptions to $80 billion. Sorry bankers - no greater fool, no hot potato. The jig is up. Have fun selling AAPL at $50,000,000 to each other (and of course ENIAC) in subpenny increments. Everyone else will stick to bonds and gold. Lights out.
Weekly outflows:
http://www.zerohedge.com/article/paging-bob-pisani-mutual-funds-see-23rd-sequential-outflow-redemptions-accelerate-hit-80-bil#comments
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