from Zero Hedge
It has been one of the greater paradoxes of the record S&P rally from the February lows: how has the market continued to rise even with unprecedented outflows? In other words, “Who‘s buying equities?”
Overnight, Barclay’s chief equity strategist Keith Parker asks that very question, pointing out that global equities have continued to rally despite $128bn of outflows from equity funds since mid-March. His answer: futures buying (which has traditionally been associated with central bank intervention), whiuh since March ($60bn notional) has surpassed the amount of buying between October 2011 and May 2013,and which together with short-covering has more than offset the outflows.