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  4. The Tide is Turning? Investors are Selling Cyclicals and Buying Defensives - BofA
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The Tide is Turning? Investors are Selling Cyclicals and Buying Defensives - BofA

By Senad Karaahmetovic Bank of America (NYSE:BAC) clients were small net sellers of U.S. stocks last week when the S&P 500 closed 1.2% in the red. All three major client groups -...
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The Tide is Turning? Investors are Selling Cyclicals and Buying Defensives - BofA © Reuters. The Tide is Turning? Investors are Selling Cyclicals and Buying Defensives - BofA

By Senad Karaahmetovic

Bank of America (NYSE:BAC) clients were small net sellers of U.S. stocks last week when the S&P 500 closed 1.2% in the red. All three major client groups - hedge funds, institutional and retail clients, were net sellers with total outflows registered at -$0.4 billion.

This marks the first week of selling after seven consecutive weeks of net buying. Selling was led by institutional clients while private clients were sellers for the second consecutive week.

“Clients bought stocks in six of the 11 sectors, led by Tech and Health Care. Four week avg. inflows into Tech are now the highest in our data history (since ’08), or the largest since March’21 as a % of sector market cap,” a Bank of America strategist wrote in a client note.

The data also showed that investors are becoming pickier and pickier as they bought single stocks but sold ETFs.

“Overall, we have seen a trend of accelerating single stock inflows vs. slowing ETF inflows since early this year,” the strategist added.

Interestingly, corporate buybacks accelerated to their highest weekly level since early January.

Broken down by sectors, Consumer Discretionary, Communication Services, and Energy witnessed the largest outflows. Cyclicals were also sold while investors shifted towards defensive sectors. Whether this is the beginning of a new trend still remains to be seen.

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01-05-2024 10:45:17 (UTC+7)

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1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

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↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

Sell (3)

USD/CAD

1.3780

+0.0003 (+0.03%)

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↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

EUR/JPY

168.32

+0.10 (+0.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

EUR/CHF

0.9808

+0.0001 (+0.01%)

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Neutral

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (2)

Gold Futures

2,295.80

-7.10 (-0.31%)

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↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

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Silver Futures

26.677

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Moving Avg:

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4.5305

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81.14

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85.62

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4,920.55

-60.54 (-1.22%)

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↑ Sell

Moving Avg:

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Sell (8)

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S&P 500

5,035.69

-80.48 (-1.57%)

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Indicators:

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17,921.95

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Sell (6)

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Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (4)

Hang Seng

17,763.03

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Moving Avg:

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-42.98 (-2.13%)

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↑ Sell

Moving Avg:

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Sell (12)

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Buy (0)

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IBEX 35

10,854.40

-246.40 (-2.22%)

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Sell (3)

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Sell (7)

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6.714

-0.028 (-0.42%)

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    EUR/USD 1.0658 ↑ Sell  
    GBP/USD 1.2475 ↑ Sell  
    USD/JPY 157.91 ↑ Buy  
    AUD/USD 0.6469 Neutral  
    USD/CAD 1.3780 ↑ Buy  
    EUR/JPY 168.32 ↑ Buy  
    EUR/CHF 0.9808 Neutral  
    Gold 2,295.80 ↑ Sell  
    Silver 26.677 ↑ Sell  
    Copper 4.5305 ↑ Buy  
    Crude Oil WTI 81.14 ↑ Sell  
    Brent Oil 85.62 ↑ Sell  
    Natural Gas 1.946 ↑ Sell  
    US Coffee C 213.73 ↑ Sell  
    Euro Stoxx 50 4,920.55 ↑ Sell  
    S&P 500 5,035.69 ↑ Sell  
    DAX 17,921.95 ↑ Sell  
    FTSE 100 8,144.13 Sell  
    Hang Seng 17,763.03 ↑ Sell  
    Small Cap 2000 1,973.05 ↑ Sell  
    IBEX 35 10,854.40 Neutral  
    BASF 49.155 ↑ Sell  
    Bayer 27.35 ↑ Sell  
    Allianz 266.60 ↑ Sell  
    Adidas 226.40 ↑ Sell  
    Lufthansa 6.714 Neutral  
    Siemens AG 175.90 ↑ Sell  
    Deutsche Bank AG 15.010 Neutral  
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