A trader reacts as he works on the floor of the New York Stock Exchange in New York, U.S., March 18, 2020.Extreme times call for extreme moves, Bank of America said on Friday as it detailed investment fund flows in and out of key market sectors.
The September stock market correction is part of a "topping process," but don't expect a big bearish move when the Fed continues to implement easy monetary policies, BofA said.Investors, skittish about rising COVID-19 cases and a lack of additional fiscal stimulus from Congress, pulled funds out of US stocks at the third-fastest pace ever over the past week, according to a Friday note from Bank of America.
The fund flow activity is all part of a September "topping process," but that doesn't mean investors should expect a big bear move in stocks. Partly because monetary policy from the Fed remains easy, and partly because there's no irrational exuberance across Wall Street, according to the note.
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