Small caps were neutral, even though the MF is still slightly positive.
The story was still in the Euro/US$ and Yen/US$ strength.
This strength is difficult to understand as the rate differentials do not seem to be under heavy pressure.
Both the 10Y and the 20Y Treasuries continued to be bought. That is equities bearish, or at least it should be.
We can also see that cash is slowly moving back into excess reserves. This should also be equities bearish.
On a side story, the Biotech sector looks rather weak.
Conclusions:
The days after Thanksgiving have historically been slightly weak. We are however heading into the usual Santa Claus rally.
Treasuries and the carry trade unwind should be bearish for equities, but this doesn't show up in the Money Flow.
There is no strong driver for now, except for the uptrend.
