From the files of “duly noted:”
June 22 (Bloomberg) — Executives at U.S. companies are taking advantage of the biggest stock-market rally in 71 years to sell their shares at the fastest pace since credit markets started to seize up two years ago.
Bloomberg further notes that top executives at S&P500 companies have been net sellers for 14 weeks. And, in case you weren’t quite sure what this signifies, here’s a quote from the requisite expert:
“If insiders are selling into the rally, that shows they don’t expect their business to be able to support current stock- price levels,” said Joseph Keating, the chief investment officer of Raleigh, North Carolina-based RBC Bank, the unit of Royal Bank of Canada that oversees $33 billion in client assets. “They’re taking advantage of this bounce and selling into it.”