Hedge Funds Dump Stocks Amid Bearish Wagers

Hedge funds are dumping stocks at the fastest pace in three months as what's often called " the smart money " stepped up bearish wagers against equities amid the recent pullback. The professionals sold global stocks on a net basis for a second straight week last week, driven almost entirely by short sales, according to Goldman Sachs' prime brokerage data. It marked the biggest selling week for hedge funds since mid-January, the data showed.

SPX YTD mountain S & P 500 "Valuations are so stretched right now that anything less than perfection from economic data or any geopolitical noise can create substantial and quick selloffs." said David Bahnsen, chief investment officer at Bahnsen Group. Consumer discretionary stocks were among the worst performing and the most sold U.S. sectors on a net basis last week, Goldman said.

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