US Stocks Last Week: Institutions Sold at Record Pace, Retail Investors Bought at Record Pace

Last week, hedge funds net sold the TMT sector at the largest scale in history, with net exposure falling to the 0th percentile. Meanwhile, retail investors bought at a record pace through leveraged ETFs, with SOXL alone absorbing $7 billion. The issue is: institutions' total exposure remains as high as 213.9%. In other words, fund managers chose to hedge rather than truly deleverage and exit.