While June saw a mass exodus from the bond market, investors have put that cash into money market funds rather than stocks.

Investors pulled $43 billion from taxable bond mutual funds in June, a record monthly outflow, according to the Investment Company Institute (ICI), The Wall Street Journal reports.

The withdrawals came amid comments from Federal Reserve Chairman Ben Bernanke that the Fed may taper its quantitative easing soon.

Editor's Note: Unthinkable Haunts Investors: Evidence for Imminent 90% Stock Market Drop.

But investors took $6.3 billion out of U.S. stock mutual funds last month too.

Meanwhile, money market fund assets increased $8.5 billion in the four weeks through July 17, pushing total assets to a three-month high.

Apparently many investors still haven't gotten over the stock crash of 2008 and 2009.

"I suspect that most bond money isn't ready to accept the fact that they are better off in equities," Julius Ridgway, an investment adviser at Medley Brown, tells The Journal.

To be sure, investors ploughed $7 billion into stock mutual funds in the first two weeks of July.

"I still think it's coming," Robert Doll, chief equity strategist at Nuveen Asset Management, tells The Journal. "Investors need to see a sustained period of bonds going down as stocks rise."

Some of the money being sent to U.S. stocks is going into exchange-traded funds (ETFs).

ConvergEx Group, as cited by Barron's, says this money is coming from commodity ETFs, real estate ETFs, emerging market ETFs and leveraged and inverse ETFs.

The SPDR Gold Trust alone shed $1.3 billion from redemptions from July 1 to July 18.

Editor's Note: Unthinkable Haunts Investors: Evidence for Imminent 90% Stock Market Drop.