ETF Flows Suggest Bulls see Room to run Despite Lofty Valuations

Talking Points:

• As trade war concerns ease, investors load up on exposure to US equities
• A strong week for the S&P 500 and Dow resulted in closing prices near record levels on Friday
• Friday flows are not included in the data, eliminating any ‘quad witching’ impact

In a week where US household wealth gapped up to $123 trillion, investors continued to pour money into exchange traded funds that track US indices. The three main markets shrugged off trade war fears and pressed higher, with the exception of the NASDAQ. Still, demand for the tech-heavy index was similarly robust.

The chart above contains the aggregate flows for three of the largest ETFs that track US indices. Equity strength was largely drawn from the underwhelming impact of trade wars. While the Dow was somewhat driven by rising crude prices. Together, net flows saw roughly $11 billion in cash enter the funds.  

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