Flows into bond funds

I last commented on bonds here. It looked like there was still a lot of downside for bonds. Flows into bond funds confirm this! Lately, inflows reached extreme levels.

Flows into equity funds updated

The outflows continue. There was no episode of significant inflows since the lows in February 2016! I do not think that a more important top may take place before we see significant inflows into mutual funds.

Note: only flows into US mutual funds are considered. The chart is updated as of October 2017

Bonds

Here is a very long term chart of the 10 year Treasury futures contract. Previous reflation episodes were accompanied by multiyear 25% retracements on average. This time should be no different.

The New Bull

From time to time, it's best to tune out all the noise and just take a look at a chart. The emerging bull - Europe:

The Contrarian Approach

This bull has a long way to go:

Secular Bull Legs

Secular bull legs before corrections greater than 10%: