It's not all sunshine and roses market bulls. 

Despite stocks trying to stage a recover this week after a two week slumber on trade war fears, the market's internals still look bearish. U.S. stock funds and ETFs had the second largest outflow this year of $29.3 billion for the week-ended June 27, according to Bank of America Merrill Lynch. The outflow was slightly below the record $29.5 billion seen during the February market correction and up from a $7.4 billion outflow a week earlier. 

Where the money went speaks volumes about Wall Street's true mood right now. 

BofA says $22.6 billion flowed into money markets (aka cash), short-term high grade bonds ($1.56 billion) and government bonds ($1.01 billion). Inflows into defensive fixed income assets surged to $2.5 billion from $110 million a week earlier.

And where the money has come out of isn't a shocker. High growth, momentum tech stocks such as Nvidia (NVDA) and Micron (MU) have been battered this month. Meanwhile, the Utilities Select Sector SPDR ETF (XLU) has popped 2.4% in one month's time. 

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