More overseas outflow
One of the more consistent themes this year has been the lack of interest in fund investors for anything overseas. In May and July, we saw how extreme this has been over a prolonged period. It continued into early September, with more than $10 billion flowing out of overseas mutual and exchange-traded funds. The Backtest Engine shows only 4 other weeks with this large of an outflow (2008-01-23, 2008-10-08, 2008-10-15, and 2020-03-25). The first and last preceded almost immediate rallies, while the October 2008 signals were too early. At least it's a sign there is still little enthusiasm for non-domestic stocks.
