According to BofAML, 15 weeks of inflows to Europe is the best winning streak in 11 years. Here is what they wrote:

“PMs we’ve met in the past month are more constructive than we’ve seen them since the start of the crisis. “Long Europe” is popular, but it may be more a verbal consensus than a practical one – real money is just starting to buy, only 1/7th of cumulative outflows since 07 have reversed, and many investors are wanting to call the top.

We are mindful of how far prices, flow and sentiment have run. We also note that indices can see ‘blow off tops’, especially when PMs start to try and fade strength. Resolution of the US shutdown and debt ceiling debate, or good earnings data from EU firms this week, could push SX5E >3000 for the first time since May-11.”

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