Institutional Clients Buy The Rally: BAML

Last week, institutional clients were the sole net buyers following three weeks of selling, while hedge funds conversely turned into net sellers after three weeks of buying, notes Bank of America Merrill Lynch. In their weekly report dated April 28, capturing an aggregated view of BofA Merrill Lynch client trading flows into U.S. stocks executed by the cash equities business of the firm, Jill Carey Hall and team at BAML points out that buying by corporations and institutions offset that of hedge funds and retail selling. BAML clients were net buyers for second week The BAML analysts report that on the…