Since late May, when interest rates started spiking, there have been more than $78 billion of net redemptions from bond mutual funds. Nobody seems convinced about what to do with the money withdrawn.
Only about $11.7 billion of new net money has flowed into equity mutual funds. That means the bulk of the money taken out still sits in money markets and demand deposits.
New all-time records in the broad averages have not yet brought "mom and pop" back into stocks.
There is still plenty of room for the rotation of fixed income money into shares.
The bull market in stocks will not end until there are good alternatives.
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