INSIDERS STILL NOT BUYING THE RALLY

Insider selling for the latest weak spiked to $846MM while buying remained abnormally low at $14.7MM.   Selling spiked almost three fold, but was highly impacted by $330MM in selling in CBS by Sumner Redstone.  Buying, however, fell from $32MM.   Of course, it is the low level of buying that is particularly alarming.  Insiders continue to exhibit an unusually low level of confidence in their own companies.  As valuations spike, and the jobless/revenue-less recovery continues it’s not surprising to see insiders display a high level of skepticism with regards to the rally.  This skepticism is most visible through the use of their own personal investment dollars – very few of which are going into their own companies.

IT1

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IT2

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Cullen Roche

Mr. Roche is the Founder of Orcam Financial Group, LLC. Orcam is a financial services firm offering research, private advisory, institutional consulting and educational services.

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