There is no new money being drawn into equities because (like I was telling you) we’ve already busted the sell signal. Now it’s just the same money, churned to draw new money in, and nobody is taking the bate.
Hedge funds had a bad quarter. Losses are about 2%. If you are selling the product to yourself to support the price (and sucker new money in to short the interest), eventually it shows up as an accumulating loss because (you see) there is no bid!
Having no bid reflects the real economy. If hedgies are sitting on the ask (selling the product to themselves) there is really nothing gained. The gain is zero, reflecting the real risk-free rate of interest, on demand, yielding to naturally diminishing returns, measuring a long, deflationary trend that is the real economy.