Its always interesting to note who the participants are in the market. The advent of mutual funds, tax benefits and continually decreasing interest rates have led to local institutions becoming larger and larger holdings in equities versus pre 2010.
It does appear that the prop desks aren’t doing that well (if they sell less than they buy, doesn’t this imply a loss?)
Retail investors seem to be a wilder variant of the prop desks and;
Foreign institutions, well if this is a long term reversal in flows, we could be seeing the market maintain these levels of going higher in the future