Equities still seeing outflows in October

According to the latest Trimtabs data Bond funds continued their winning streak in October attracting 24.5 billion of inflows. At the same time, US equities continued to see outflows as they have done month after month now for more than a year. International equity funds saw modest inflows of 5 billion.
Why does the U.S. equity market continue to show no signs of inflows, despite a terrific two-month run? According to data, the average investor since 1998 has invested at a cost level of roughly 1,400 in the S&P 500. With the S&P at 1,200 today many are still under water.
How is that most investors have a cost of 1,400 when the S&P has only been near 1,400 for at best 4 of the last 12 years?
Because many people (including investment advisors) only put money in when markets are moving up to new highs, Trimtab Biderman notes.
See: Bond Funds 'Tsunami' Goes On: $24.5 Billion Inflows