When I looked at the Wall St. Journal data, I was a bit surprised to see that money flows into the Dow Jones Industrial stocks were positive on Friday, despite our move to new price lows. I then calculated my own numbers and found the same thing. Indeed, as we've moved lower over the last few days, we've actually seen positive dollar volume into the Dow stocks (see chart above).
I still was skeptical, so I examined money flows for each Dow stock over the past week. Interestingly, only 13 of the stocks showed dollar inflows and 17 displayed outflows. The overall number was positive because of unusually large dollar inflows into a few stocks: most notably GE, C, JPM, PFE, and T on Friday.
One day does not a trend make and, as my upcoming indicator review will note, the recent weakness has rendered meaningful technical damage to this market. Still, I find it interesting that large market participants were lifting offers for such weak stocks as GE, C, and JPM in the wake of the passage of the rescue program.
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