Herding

Stocks are the only item that people are more interested in buying when they are high priced and less interested in buying when they are low priced.

I've been watching the Lipper charts in Barrons for a long time and in the last several months, outflows from mutual funds have been pretty steady except for muni bond funds.  If you filter my site for Lipper, you can see the charts over the last several months in my posts.