Investors are cashing-in massive gains: Investors sold -$13.9 billion in US equities last week, driven entirely by single stocks. This comes as single stocks saw -$14.2 billion in outflows, the largest weekly withdrawal in data going back to 2008. At the same time, equity ETFs posted +$300 million in inflows, the 11th consecutive weekly intake. Technology stocks led the sales, at -$10.8 billion, the highest weekly sale on record. As a % of the S&P 500 technology sector's market cap, this was the largest sale since 2014. Profit-taking is accelerating.(The Kobeissi Letter)