There’s a wave of selling estimated to be in the billions that’s about to hit the stock market

The final day of June is a week away, and Wall Street is already speculating that there’s the potential some asset allocators, like pension funds, could take the big gains from the stock market and move them into bonds.

There’s a wide range of views about how much selling could hit the stock market, but some strategists say the resulting market move may not be that big after all because of prior selling and action in the derivatives market.

The amount of pension fund rebalancing is estimated in a wide range, with some estimates from $35 billion to $76 billion.

Wells Fargo estimates the rebalance into bonds could be the largest in six years.