Sector windfall
U.S. equity sector ETFs took in a whopping $14.8 billion in flows in November according to Bloomberg aggregate data, led by financial and industrial funds. That was the 3rd highest monthly inflow in 20 years, on an absolute basis, anyway. Fund flows are a tricky thing, though, and not the greatest contrary indicator. We can see below that other big inflows didn't necessary precede a pullback.

