The bulls have the ball and are able to run equity prices higher since they’re meeting little resistance given an absence of sellers.
Mutual fund cash balances are low and according to AMG Data, fund outflow in August was negative.
It must mean it’s a hedge fund and trading desk affair so far.
The question becomes can they run the averages high enough to suck-in retail investors and sell them their accumulated stocks (“Pump & Dump”)?
Many major averages are heading to new highs, which can be a positive if serious money follows the trend higher, or a negative if it’s just bearish double-top.