Dips bought!

Last week saw massive equity inflows of USD 20.4bn, the largest in over a year, says Michael Hartnett, Chief Investment Strategist at BofA Merrill Lynch Global Research, providing bullish evidence that the dips are being bought.

US equities were the greatest beneficiary (the biggest inflow in 58 weeks), but “even European stocks saw inflows”. There was also a bid for quality, with the Health Care sector benefiting most. The biggest redemptions took place in the Materials sector.