Investors got hinky about the SPDR S&P 500 ETF (NYSEArca: SPY) on Thursday, pulling $8 billion out of the country's largest exchange traded fund. The drawback occurred in the face of the Dow Industrial Average's third consecutive record high.
As recently as Tuesday, the S&P hit $154.70, putting it within 2 percent of setting its own record high of $157.52 in October 2007, the ETF Trends blog reported.
ETF Trends pointed out that the outflow "could simply reflect a rotation among large individual investors who often use the S&P 500 ETF to park cash on a short-term basis."
Related: Dow at Record High, Jobless Claims Fall
Meanwhile, the Wall Street Journal's MarketBeat blog notes continued skepticism among investors that the rise will last, citing the flash crash of 2010, Facebook's bungled IPO and problems at trading firm Knight Capital Group, while wondering if mom and pop investors are about to get their toes caught in the wringer again.
In related news, MarketWatch highlights a "downright eerie" similarity between the S&P's performance since January 2009 and what it was up to from Jan. 2, 2003-Dec. 31, 2007, illustrated with a chart by Randy Frederick, managing director of active trading and derivatives at Charles Schwab.
The upshot? It'll be different this time around, and the bulls disagree with the bears.
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