Having recently (before the election) found that stock buybacks have tumbled to the lowest level in 5 years, coupled with the lowest amount of insider buying since 2011, this morning TrimTabs Investment Research reported what regular readers already know, namely that U.S. equity exchange-traded funds received a record $97.6 billion from Tuesday, November 8 through Thursday, December 15, promptly TrimTabs to ask if "investors are all-in on US stocks

"The stampede into U.S. equity ETFs since the election has been nothing short of breathtaking," said David Santschi, chief executive officer at TrimTabs.  "The inflow since Election Day is equal to one and a half times the inflow of $61.5 billion in all of last year.  One has to wonder who's left to buy."

Well, there is also the BOJ, SNB, the GPIF and a variety of other official and unofficial institutions who can print money at will to adjust their cost basis...