Well its not really magic it more like manipulation. US equity indexes just turned in an impressive third quarter. What is puzzling is the dollar inflows were very weak.
Not really. "Weak inflows" were met with "weak outflows". The buyers were still more aggressive in their bidding.
Exactly. The market doesn't get talked higher, it's auctioned higher. Passive 401k investors aid the long side every day. Also, quite a few summer buyers were spring shorts.......