The equity buying spree: Total US ETF and single-stock purchases hit 5.9 billion last week, well above the 52-week average of 2.3 billion. This lifted the 4-week average of purchases to 2.8 billion. Institutional investors drove the surge, buying 3.7 billion, the 10th-largest weekly amount in at least 17 years. Corporations followed with 1.6 billion in buybacks, while retail investors and hedge funds added 0.4 billion and 0.2 billion, respectively. Individual investors have now bought in 33 of the last 35 weeks. Market sentiment is incredibly strong.(The Kobeissi Letter)