Quote of the Day: Who's Selling?

So who's selling their shares into this extended rally off of the March bottom?

Well, not who you'd hope:

"While investors have been aggressively snapping up stocks, corporate insiders who know best how their businesses are faring are cashing out. That could be a warning sign of limited gains ahead.

The S&P 500 is up almost 2% for the year after being down more than 30% in March. For the three months from May to July, it rose more than 15%. And in that time, the most recent period for which the figures are available, insiders sold $3.3 billion worth of shares, the second most since 2010. For the year, insiders have sold more than $10.6 billion worth of stock, the most in more than a decade.

Meanwhile, buying has been anemic. Insider purchases are down more than 56% this year, and in the three-month period ended July 31 fell nearly 35% to $183.8 million, the least since 2017."

--Pimm Fox, Bloomberg...