U.S. stock funds see drop of $3.7 billion (so who is pushing market higher??)

Investment Company Institute
Washington, DC, June 16, 2010 - Total estimated inflows to long-term mutual funds were $2.07 billion for the week ended Wednesday, June 9, the Investment Company Institute reported today. Flow estimates are derived from data collected covering more than 95 percent of industry assets and are adjusted to represent industry totals. ICI report

Equity funds had estimated outflows of $2.88 billion for the week, compared to estimated outflows of $658 million in the previous week. Domestic equity funds had estimated outflows of $3.66 billion, while estimated inflows to foreign equity funds were $779 million.

Total Domestic Equity Flows/Week Ending
  -$2.437 Billion 5/5/10
  -$7.018 Billion 5/12/10
     -$745 Million 5/19/10
-$13.442 Billion 5/26/10
  -$1.117 Billion 6/2/10
  -$3.660 Billion 6/9/10

Since May 5th, 2010, $28.419 BILLION has been withdrawn from Domestic Equity Funds. The retail "investor" has sent a clear message; "I ain't buying no stinking U.S. stocks"! Only trading left are the Quant fund gamers and the bailed out banks trading desks.

ICI Report on Mutual Fund Flows since 1/31/2007: Link to report