BofA weekly flow data shows USD 2.4bln into stocks, USD 30.5bln into bonds, USD 1.2bln into cash, USD 1.1bln out of gold and USD 1.5bln out of crypto

BULL & BEAR: BofA’s Bull & Bear Indicator rose to 8.0 from 7.8, triggering a contrarian sell signal for risk assets. BofA says this was driven by tech and EM debt inflows, a record monthly jump in FMS equity allocation and FMS cash falling to 3.9%.
EQUITIES: US equities saw an eighth straight week of inflows at USD 9.5bln, the longest streak since December 2025; Europe posted USD 2.3bln of outflows for a sixth straight week, the longest since February 2025; EM equities lost USD 7.9bln for a sixth straight week, the longest since November 2024; Japan saw outflows resume at USD 4.4bln.
SECTORS: Tech saw a USD 9.0bln inflow, the biggest since October 2025; consumer funds drew USD 0.6bln, communication services USD 0.4bln, energy USD 0.3bln and real estate USD 0.1bln. Financials saw USD 2.4bln of outflows, the biggest in 10 weeks, while materials lost USD 2.9bln and healthcare USD 0.2bln.
FIXED INCOME: Treasuries drew USD 10.8bln, the biggest inflow in nine weeks; IG bonds saw a seventh straight week of inflows at USD 13.3bln; HY bonds saw a second week of inflows at USD 0.3bln; EM debt drew USD 2.2bln; munis drew USD 2.6bln; TIPS drew USD 1.0bln and bank loans saw an eighth straight week of inflows at USD 0.8bln.
POSITIONING: BofA private clients’ AUM stood at USD 4.5tln; equity allocation was 65.7%, a record high; bond allocation was 17.3%, the lowest since March 2022; cash was 9.9%, a record low. Over the past four weeks, private clients bought muni bonds, materials and HY ETFs, while selling low-vol, utilities and REITs.
TRADING VIEW: BofA says strong price action, retail mania and slumping volatility look “bubbly,” with market concentration near past bubble extremes. It says the sell signal points to profit taking, while noting investors are unlikely to cut equity longs before historic IPOs, and policy tightening is likely after CPI reaches 4-5% in coming months.