Rigged For A Great Fall: When The Only Bids Left Are From Buybacks

As BofA elaborates, “buying was led by corporate buybacks, as all other groups (hedge funds, institutional and retail clients) were net sellers of equities for the second consecutive week.”  This means that for one more week, traditional investors were – as Regan noted above – boycotting stocks, and were delighted to sell stock back to the companies that were once again aggressively buying back their own stock with the S&P hitting all time highs, to wit: