For his calculation, Seyhun strips out the largest shareholders from the sell-to-buy ratio. Currently that adjusted figure shows a record level of insider bearishness. According to this measure, corporate officers and directors in recent weeks have sold an average of six shares of their company’s stock for every one that they bought. That is more than double the average adjusted ratio since 1990, which is when Seyhun’s data begin.
One year ago, Seyhun’s adjusted ratio was solidly in the bullish zone, he says. And in late 2003, the ratio was more bullish still.
The current message of the insider data “is as pessimistic as I’ve ever seen over the last 25 years,” he says.
http://www.marketwat...ocks-2014-03-14
Of course, the above will be taken to mean that all stocks are still a screaming buy.
