"Insider sentiment moved to its most bullish level ever during our 278-week tracking period (dating to the week ended July 29th, 2003) and initial data indicates that insiders are more bullish now than at any time since the two weeks immediately following the Black Monday market crash of October 1987.
The reading can be partially attributed to the SEC's closure on Veteran's Day, which pushed some disclosures into the most recent week. Regardless, our Weekly Score would have still hit a record without the extra data and insiders have been on a bull-run for four weeks now, taking part in an orgy of buying that is broad-based across sectors and market caps.
CEOs are helping to the lead charge, buying at abnormally high rates, and selling in some sectors is almost taboo at this point. Recent history and the irrational behavior of the market and its participants demands caution, but historically such sentiment spikes have signaled a bottom and insiders dropped the bullhorn last week and are now using a stadium PA system to sound their message. The question is whether anyone believes that message."
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