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INSIDER BUYING REMAINS NON-EXISTENT

The negative trend in insider selling and weak buying continued this week.  The latest data shows that insiders sold a total of $461.25MM and purchased just $16.5MM.   As we mentioned last week, insiders are highly skeptical of the sustainability of the liquidity driven rally.  The next few quarters are likely to be pivotal as we begin to get real evidence of a revenue based earnings recovery or we continue to see weak cost cutting based earnings growth.  My gut tells me the insiders aren’t entirely wrong here – revenues won’t recover at a robust rate and the insider selling will ultimately prove to be quite prescient.

Figure 1 – selling:

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Figure 2 – buying:

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Figure 3 – daily buying

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