Looking at the latest weekly EPFR fund flow data, BofA's Michael Hartnett writes in his latest Flow Show that while there was a tepid "buy the dip" reaction to the recent volatility ($3.0bn into equities of which $5BN ETF inflows and $2BN mutual fund outflows, $0.5bn into gold, $1.1bn in redemptions from bonds), the notable shift this week was another major outflow from Emerging Markets and Europe, with investors continuing to park their capital in the "cleanest dirty shirt", America:
BofA: Beware These Three June "Capitulation" Risks
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