📋Last week, company insiders were back in the markets adding new buy clusters in more than 12 securities at a total face value of $22M in buying transactions.
📋On the other hand, the SP500 seems to defy gravity, as the US equity index prohibits short-sellers from gaining any traction below $2800 round figure.
📋Furthermore, the Dow Jones Average price action on the weekly chart portrays the legendary ‘whatever it takes’ attitude and keep short-sellers tamed from pushing the index lower, as market players battle a semi-bearish 570 point [25,910/25,320] rotation channel.
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All in all, company insiders are the No. 1 ‘leading indicator’ in Wall Street.
“Insiders are pretty well informed at the micro level of their businesses,” Todd Fungard, who oversee $1.2 billion as chief investment officer of McQueen, Ball & Associates Inc., said by phone. “It’s a good sign that business leaders still see demand at their companies and feel comfortable buying their own stock despite the headline risk.” Zero Hedge, December 26, 2018.
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