$50B Matters

That is a heck of a lot of stock to sell into this thin market.  We've hardly had any equity inflows this year and there has been a lot of supply added.  Until the retail investor embraces this market, we will be stuck in a range or go down.  I don't think we can get to 1200 unless the retail investor joins in.  Hedge funds are very long and mutual funds are holding minimal cash.  Seasonality is positive, but fundamentals trump seasonality.  Always.  And the fundamentals of this market are getting worse with each equity offering.