Looking at fund flows, the preference for bonds over stocks is clear. It's a vote on broad economic confidence, inflation and risk tolerance, says Informa's David Ader.

Bond Funds saw 22nd week in a row of inflows, but they were the smallest since mid-March.

Investors largely reverse flows from the prior week but interest perked for telecoms and industrials

Summertime fervor continued into the normally sleepy month of August

Net outflows in emerging market equities was expected, but funds in China were the surprise losers.