From the end of last year to November this year, an interesting divergence has played out in the market — hedge funds and institutions have been continuously selling, while retail investors have been catching a falling knife all the way.

Professional players have been net sellers for 12 consecutive months, while Private Clients have been buying more as prices drop. The logic behind this operation is worth pondering: is the smart money retreating in advance, or are retail investors catching a falling knife?

The historical data is laid out here, but the ending is not yet written.