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