From September through December of last year, as the S&P 500 plummeted 30%, investors pulled some $99 billion out of domestic equity funds, according to data from the Investment Company Institute. During the first three months of 2009, they withdrew a net total of $23.5 billion more. And in March alone -- when the S&P 500 bottomed at a value of 677 on March 9 and then rallied 18% to finish at 798 -- investors withdrew $16.2 billion.
Then, just as the market began to rally, they started buying. Since the end of April -- when the S&P 500 closed 29% higher than that March 9 low -- investors have plowed $16 billion back into domestic stock funds. Time to sell?
By Brian O'Keefe, Fortune senior editor