1. Stock allocation from 401k contribution should be down compared to a few years ago. People are paying more attention to the risks.
2. There are also 401k cashing out due to financial difficulties.
3. The leverage among funds is down
4. Insiders have been predominantly selling even when price is way off the highs
My view of the rally is purely driven by yield-seeking - not much related to the economy. The low rates are making people to ignore the P/E (as long as yield matches) - just like the low mortgage rate in the housing bubble years making people to ignore the house price (as long as the payment matches...).
There is no big profit taking ever since March low, I will be very curious on how long that can last.