While stock funds have seen inflows for three straight weeks through Dec. 12, after suffering outflows for most of the year, that doesn’t mean a raging bull market lurks, experts say.

They say last week’s inflow partly represents a reaction to the Federal Reserve’s decision to increase its quantitative easing, Marketwatch reports.

Some investors also wanted to be in stocks after the Standard & Poor’s 500 jumped 2.7 percent in the three weeks ended Dec. 12.

Editor's Note: 'It’s Curtains for the US' — Hear Unapologetic Warning from Prophetic Economist.

But most of the fresh money is going into exchange-traded funds (ETFs). And it’s mostly institutional investors who use ETFs.

Stock mutual funds, which are mostly the province of individual investors, continue to suffer outflows. That’s because Joe six-pack investor remains enamored with bonds.

“There is a lot of upward potential for equities given the money that is sitting in bonds,” Brad Durham, managing director for fund research firm EPFR Global, tells Marketwatch. “But retail is still not totally committed to this market.”

Morningstar research shows stock mutual fund outflows are on pace to break the $96 billion record of 2008.

Some retail investors may be taking profits on their stock mutual funds in fear that capital gains taxes will rise next year, Matthew Lemieux, an analyst for mutual fund research service Lipper, tells Reuters.

Editor's Note: 'It’s Curtains for the US' — Hear Unapologetic Warning from Prophetic Economist.