Outflows favor Da Bears

Business Insider reports that outflows as of May 26 (week) were $13.4 billion in mutual funds. That dwarfs the $9 billion that left in early May over a two-week span. Thin volume, lack of buyers and the bears converge.

Doesn't mean the trend cannot reverse — last week's outflow was small. But with overall sentiment this bearish, things probably go from ugly to fugly ... or the market surprises just about everyone by holding this level.

Sure, we could get a bounce, but there will be selling into that, as well. My guess is we have some footing here and remain in a narrow range barring additional global catastrophies (natural and/or man-made).