Assets have risen over time. Just looking from the September low, there is about $400 million more sloshing about now in the S&P and NASDAQ funds. That's a simple infusion of cash into the funds (Titan, Tempest, Velocity, Venture, Nova, URSA, OTC, Arktos).
Most of that money has ended up in bear funds.
Looking at the longer-term, money flowing into bear funds (this is net money, people's bets, not based on market movement), the money flow bottomed around Mar 13/2001 and has been rising since. For the longest time this bearish money flow increase was gradual. As of the beginning of October/2001, it has gone vertical. Never has so much money been bet on the short side with Rydex. Think about it, during this stunning rally the bear fund NAV's have taken a pounding, but the bear asset levels just keep growing. If a bear fund NAV is declining, but the asset level is rising, that's a helluva infusion.
Here's a stat for ya:
Since the September low, cummulative money flow stands at
87.6 million added to bull funds
305.1 million added to bear funds
It's a subjective call as to whether this should be faded.
(BTW, bull money flow reached a peak on Dec 5/2001 and has been declining rather sharply ever since.) |
