Smart Money Went Back to Selling After S&P 500 Rebounded Last Week
- Hedge funds turned net sellers again after dip buying
- Corporate buybacks dominated demand, followed by retailers
BlackRock's Moore Says Momentum Will Outperform Again This Year
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Hedge fund clients at Bank of America Corp., who dumped stocks at a record pace in late January before diving back in as markets headed toward their Feb. 8 bottom, were back in selling mode during last week’s rebound.
As hedge funds resumed backing away, other clients stepped in, with the biggest source of demand coming from companies themselves, BofA strategists Jill Carey and Savita Subramanian wrote in a Wednesday note.