NEW YORK ( CNBC) -- The stock market's direction continues to be aggressively and consistently higher, but it's hard to decipher sometimes who is doing all the buying. Virtually every metric offered to gauge investor behavior is showing money draining out of the market and insiders skeptical about the future. From mutual fund flows to insider selling to analyst downgrades and upgrades, pessimism is pouring in faster than a Pabst Blue Ribbon beer tap at a hipster spring break party. "Why are investors so cautious? Demographics and poor longer-term stock market returns probably play a role," notes Charles Biderman, CEO at the TrimTabs market research firm, in his weekly analysis. "But we also think that all the volatility and central bank interventions in financial markets are leading more investors to question how stable the financial system really is."
By Jeff Cox, CNBC.com Senior Writer
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