There is a growing disconnect in the stock market right now

There's a huge disconnect in the US stock market right now.

A new Bank of America Merrill Lynch survey published Friday finds that U.S. investors have pulled $79B out of equities year to date - including net outflows in 9 of the past 10 weeks - despite stock prices continuing to break new record highs.

On Thursday, the Nasdaq closed at its highest since March 2000.

And on Friday, the S&P 500 traded at another intraday high above 2120, crossing the record for a second straight day.

As this imbalance grows, Bank of America writes that the risk of something we haven't seen in the market in years will continue to grow: a correction.

Bank of America Merrill Lynch