The Kobeissi Letter said on X that hedge funds bought U.S. stocks every trading day last week, marking the second-largest weekly buying volume in the past 12 months. According to Odaily, individual stocks accounted for about 70% of total buying, driven mainly by long purchases rather than short covering.

Information technology and communication services saw the strongest demand, with eight of 11 sectors recording net buying. Macro products such as index futures and ETFs made up about 30% of total demand, while short positions in U.S.-listed ETFs fell for a sixth straight week. The letter said hedge funds are doubling down on U.S. stocks.