问题如下：
Which flow-of-funds indicator is considered bearish for equities?
选项：
A.A large increase in the number of IPOs.
B.Higher-than-average cash balances in mutual funds.
C.An upturn in margin debt but one that is still below the long-term average.
解释：
A is correct.
A large increase in the number of IPOs increases the supply of equity and if overall demand remains the same, puts downward pressure on equities. Also, companies tend to issue shares of equity when the managers believe they will receive a premium price, which is also an indicator of a market top.
公募基金现金占比高不也是一种不看好资产现价的表现，用来防御？说明可能要进入熊市？
