Fascinating the gone week, finally a little selling in the indices, primarily the Nasdaq. "Inflationism" created a lot of noise out there over a hot CPI number and that helped wash out sentiment nicely. Growth plays and the Tech individuals paid the price once again on the sell-side. Although this is nothing new, we've actually been seeing this type of price action for most of 2021 and it has been going on for months now.

As there have been many constructive things taking place in price action and sentiment, institutional sweeper activity has been a bit disappointing. The top order flow continues to show up in names and sectors of strength, cyclicals, financials, commodities, materials plays have already rallied hard and have been initial activity take place at significantly lower levels. 

As far as rotation back in the other direction, in names that have sold off and currently at better spots of entry, institutional investors haven't shown much enthusiasm in these names. When there was flow in these names, it continues to be in weeklies and front-month strikes, simply just playing for a quick bounce.

Notable bettings toward broader market indices ETF on 5/17

Individuals breakdown by sectors (5/17 notable bets)

Tech

Industrial

Consumer Cyclical

Financial

Communication Services

Healthcare

Energy

Basic materials

Consumer Defensive

Utilities