Two weeks ago, the extremes in sentiment did little to deter investors from chasing prices higher. This is the "this time is different" scenario where prices move higher despite the increasing number of bulls. At the start of last week, this scenario seem highly likely, and for the bears, it was best to get out of the way of such an advance. But over the past week, the "this time is different" seems less likely to play out, and an intermediate term market top is likely to be upon us. Oh, what a difference a week makes.
"Insider trading volume remained low, so low in fact that the number of buyers was the lowest on the record since we began real-time monitoring of insider activity seven years ago. While the latter fact makes a good headline, the lack of buying is not surprising or concerning - yet. Insider action is seasonally slow due to pre-earnings announcement lock-ups and the market week was shortened by a holiday, further limiting insider trading action."