Amid a stock market continuing to set new high's State Street's (STT) SPDR S&P 500 ETF (SPY) has already seen $18B in outflows YTD, surpassing the $16B pulled out of the $159B fund in all of 2013. Does the divergence signal a disconnect between market highs and sentiment, or - as the bull market ages - are money managers becoming more focused on picking specific sectors and stocks.
Maybe more of a trader's ETF, SPY net flows tend to be more volatile than those of Vanguard's S&P 500 ETF (VOO) which is nearly identical in size. The VOO has seen inflows of $1.3B this year.
Earlier: It's a stock-pickers market