BofA: Our Biggest Clients Haven't Unloaded This Much Stock Since 2008

Every week, the BofA Merrill Lynch equity strategy team breaks out data on how much stock clients are buying and selling.

Last week, we highlighted how BAML's big institutional clients have been rotating out of stocks all year, while retail investors continue to buy into the market.

According to this week's data, the amount of selling by institutional clients over the past four weeks has hit the highest level on record.

"Net sales by this group were the largest since March, and the sixth-largest in our data history (since 2008)," writes BAML strategist Savita Subramanian in a note to clients. "And on a four-week week average basis, outflows by institutional clients are the largest in our data history."

Meanwhile, retail investors are still buying.