BofA Sees Heavy Institutional Selling Last Week
BofA says their clients sold US equities last week (-$9.1B), led by institutions in their 10th-biggest selling week in BofA’s data since 2008.
October is typically institutions’ heaviest selling month as mutual funds harvest tax losses ahead of their 10/31 fiscal year-ends, and BofA says institutional single-stock sales this month, relative to market cap, are already the largest of any October in its data, with two weeks still to go.
Retail sold after two weeks of buying, and hedge funds for the first time in five weeks.
