ARKK - Market Rally Met With Outflows
2024-01-22 11:05:00 ET
Summary
- While we have hit a new all-time high in the S&P 500, this rally lacks enthusiasm.
- Hedge funds have not added to their long positions, and mutual funds/ETFs have seen outflows.
- The opportunity set in this market is balanced, and risks are symmetrical. Things could go either way.
The market has been on a good run but one that lacks a bit of oomph. (That’s an industry term.) While we have hit a new all-time high in the S&P 500, this rally lacks enthusiasm. It feels and looks more like all the sellers have gone on strike. Hedge funds have not added to their long positions, and mutual funds/ETFs have seen outflows. Recently, we took note of Goldman Sachs’ quarterly earnings report and, more significantly, their investment holdings. It reminded us of a similar note we sent out to you back in the summer of 2021 as markets then approached all-time highs....
Market Rally Met With Outflows