Despite the V-shape in the equity market, retail investors have not returned to the US domestic equity market as Figure 1 (left frame) shows us, with the ETF registering its third significant monthly outflow (December: -$28.9 billion, January: -$19.2 billion, February -£2.05 billion - ICI data). On the other hand, the Smart Money Index (SMI, Figure 1, right frame), a technical indicator that measures the investment sentiment of the "smart money", has been going up steadily since the beginning of the year. This leaves us with the following question: Are you buying the recent