That this bull market is "unloved" is a myth, writes Brent Arends. Retail investors poured $92B into stock mutual funds YTD, according to ICI, compared to last year's first 7 months in which they withdrew $180B. The last time this sort of money flowed into stocks was the first 7 months of 2007.
Separately, a JPMorgan report says retail investors are not overweight bonds and instead appear to be "significantly overweight" equities.
Every stock bought must be sold, so who's selling? A Citi report says hedge fund and real money selling over the past month has been almost unprecedented.