* No capitulation: clients reaccelerate their sales of US stocks
- Last week, BofAML clients were net sellers of US stocks for the 18th consecutive week, continuing the longest uninterrupted selling streak in our data history (since ’08). Sales accelerated last week to $1.6bn, the largest net sales since late April after sales had slowed in the prior three weeks
- Buybacks by corporate clients were similar to the prior week’s levels (about 500mn), below the typical May weekly
average of about $900mn. Cumulative buybacks by corporate clients YTD are tracking slightly above levels we saw by this point last year, though below 2014’s record levels.
* Health Care sales resume
- Clients sold single stocks in all sectors except Consumer Staples last week, led by sales of Health Care and Financials.
- clients had been net buyers of stocks in all but two sectors (Discretionary and Industrials)
- Industrials currently has the longest net selling trend, at four consecutive weeks, followed by Discretionary at three consecutive weeks. And Health Care has notably seen outflows in 12 of the last 13 weeks as clients resumed
sales