His chart, reproduced below, plots the size of Institutional and Retail Money Market Funds, which reached an all-time high last week. Their size is thought to reflect the amount of cash sitting on the sidelines, and this week showed the first meaningful drop in money market mutual fund cash levels since September. And as Vix and More writes, if the change in money market mutual fund levels from the past week is the first signs of a change in trend, then this will almost certainly have significant bullish implications for equities.
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