eric balchunas checks it out. and eric, it's very much a picture of derisking? eric: yes. it is.carlet, thank you. prices are down. it has been a choppy market. a lot of volatility in the last couple of weeks but the flows are really hanging tough for u.s. equities and fixed incomes. two aberrations we are seeing, and a lot of money going into gold. on the other side, a lot of money leaving emerging markets. look at the bloodbath in emerging markets. that is only over one week. over the past couple of months, they have seen a couple of billion dollars come out quickly. what really struck me about this chart is img is on here. these are the cheap ones that retail uses. this is beyond the trading crowd into retail. let's look at img's flows since it came out. just to get an idea of how weird it is that img -- it has never seen outflows in eight years. what a charmed life this thing has lived, mainly because it is dirt chief and em is 72 basis points, this one is 14, people love this. it is very telling. let's look at emerging markets in general and compare them to the broad emergin

let's check in with eric balchunas. snapshot of the flows and the theme is risky assets like the stocks. eric: thank you, scarlet. i'm feeling like a broken record. every week, i am saying people are excited about the fed being accommodative. it felt like about two months. another week of the same thing. $15 billion into etf's. we have spy, the cuse. you also have ibv and some vanguard funds. both major player types are buying in. i thought, this seems to have started in the beginning of june when the fed reassured markets. let's capture june and july. the complexion of the flows is changing and this chart shows it is. june and july, etf's took in $85 billion. that is more than the rest of the year combined. that is a lot of money coming in. u.s. equity etf's are taking in three times more than they did at the beginning part of the year. more than fixed income. they are now the leaders, which is what we are used to seeing with etf flows in 2017. let's look at june and july versus other june and july's. just to give you a

kicking things off is eric balchunas. eric: what i have is dollar volume.chool fear gauge it is better than the big because it includes retail investors. volume goes up when people are worried. spy hasook this year, yet to see volume the clips the $60 billion mark which denotes a major freak out. last year we had three because there was that fear. it does not happen that often. the point is there is a big difference between a trite or selloff and affect your selloff. trade wars are more like flesh wounds. fed fears are existential crisis. in 2008 there were several days above that level. if there is good news, it is that people are not panicking, at least according to sfy volume. vonnie: a fascinating chart. guy, what you have? guy: what will it take to stop the brent drop. brent is in a bear market and we continue to see things going down. the question is what will stop it. not this chart. the white line is brent. the things you would have stall -- you would have thought would stabilize the brent market are not working. the yellow line is the u.s. rate cou

let's check in with eric balchunas for a snapshot of the flows and the theme is risky assets like thetocks. eric: thank you, scarlet. i'm starting to feel like a broken record. every week, i am saying people are excited about the fed being accommodative. it felt like about two months. another week of the same thing. $15 billion into etf's. that is a bomb. we have spy, the qqq's. you also have ibb and some vanguard funds. both major player types are buying in. i thought, this seems to have started in the beginning of june when the fed reassured markets. let's capture june and july. compare it to the rest of the year. the complexion of the flows is changing and this chart shows it is. look at the fact that june and july, etf's took in $85 billion. that is more than the rest of the year combined. that is a lot of money coming in. also u.s. equity etf's are taking in three times more than they did at the beginning part of the year. more than fixed income. they are now the leaders, which is what we are used to seeing with etf flows in 2017. let's look at june and july versus other june and

now in new york we have eric balchunas. ay a good defense is the best offense. that is what i am calling this chart. i'm looking at three etf's, gold, long data treasuries, and the low volatility factor. all of them are in a real race to see you can be the best risk-averse place to put your money right now. gold has taken this search and is up a lot but all of them are up way more than historical averages. this is a fascinating year because what we are seeing, especially after august, is it appears as though investors are dealing with trump in two ways. they are staying long stocks because they like market policies in the fed, but instead of selling stocks they are going long cold come along treasuries come along low volatility stocks. to me this is what to watch. will these hang on or will we see a reversal back to that growth area we have tend to see rebound over and over? for now, this is incredible performance from the suppose it safe haven areas. vonnie: that is a fantastic chart, but there is a but coming good tell us.

let's kick things off with eric balchunas. ou the most interesting chart in etf land. it is the core emerging markets etf, which advisors love because it is very low cost and it was a hit. has done nothing but taking flows for seven years. look at recently. the first ever outflow equals $2 billion. em.le are souring on we have seen em flows for a while. when you see retail oriented products like this, you can tell that em is starting to break the back of the spirit of retail investors. that is a worrisome sign. whether theder strong dollar has something to do with that. nice chart. you.e, over to vonnie: that is a lesson. my chart is just an illustration. an easy one. day andt a volatile that is what will be talking about through the rest of the week. we remind ourselves of the picture of major bond complexes. the german sovereign tenure, -- 10 year, japan is the blue line, both below the zero line. u.k. government bonds are in purple and u.s. are in yellow. the u.s. still has a ways to go to meet the likes of japan and the u.k