Investors are cashing in some gains: US equities saw -$3.6 billion in outflows last week, marking the 9th week of net selling over the last 13. This came with -$4.9 billion in single-stock outflows, the 6th weekly withdrawal over the last 7 weeks, which was partially offset by +$1.3 billion in ETF inflows. ETFs have now been bought in 32 out of the last 34 weeks. Hedge funds sold -$3.5 billion, bringing their 4-week average outflow up to -$900 million. Retail investors sold -$1.5 billion, marking their 6th consecutive weekly sale. Meanwhile, institutional investors bought +$1.4 billion, posting their 4th consecutive weekly purchase. End of year flows are driving price action.(The Kobeissi Letter)