Hedge funds sold US tech stocks at the second-most aggressive pace in a decade (largest net selling since 2021), according to Goldman Sachs Prime Book data.
Everybody back in the pool: 21-day sum of daily fund flows in QQQ.
This institutional selling coincides with strong retail buying, as rolling 21-day QQQ fund flows hit the third-largest inflow in recent years—even as Nasdaq 100 prices rise. A classic smart money versus retail divergence. May 7 (Thu) is the scheduled ITD #5 peak (±) in US stocks.
Goldman Sachs Prime Book, as of April 30: Go with the flow.
The GS Prime Book reflects aggregated activity from Goldman's prime brokerage clients (a large but not complete slice of the hedge fund universe), so it's directional but not exhaustive. Similar insights sometimes come from JPMorgan or Morgan Stanley prime services reports. Goepfert specializes in sentiment indicators, including fund flows, options activity, positioning (e.g., hedge funds via prime broker data like Goldman Sachs), and retail vs. institutional behavior (e.g. Dump Money Confidence vs. Smart Money Confidence). Access requires a subscription, but he often shares highlights on X.
As of May 1, Dumb Money Confidence was very optimistic,
while Smart Money Confidence was neutral.
