CHART OF THE DAY: BofA's Retail Investor Clients Just Staged A Huge Bond Market Exit

In the week ended September 11, 2013, investors poured $14.3 billion into mutual funds oriented toward stocks while yanking $3.5 billion out of bond funds.

"Bottom line: it's stocks over bonds as tapering approaches," says BofA Merrill Lynch chief investment strategist Michael Hartnett.

Hartnett and his team are the ones who coined the term "Great Rotation," the idea that the hundreds of billions of dollars that have flowed out of equity funds and into bond funds in recent years will reverse course - flowing out of bonds and back into stocks again - as investors finally overcome fears of another stock market crash and start placing bets on a resurgent American economy.

BAML has had the most success in selling the Great Rotation idea to its retail investor client base - those investors who aren't big hedge funds and institutions. All year, these clients have been rotating out of bonds and into stocks.

This past week, however, BofA's retail clients staged the biggest weekly move out of bonds since the big sell-off that has gripped the bond market this year began.

"BofAML private client flow data confirm aversion to bonds with outsized $3.6bn redemption in past week," says Hartnett.

BofA Merrill Lynch Global Investment Strategy, EPFR Global

Below is a complete breakdown of this week's fund flows, via Hartnett: