High Volume: There has been a significant rise in volume over the past five days or so. On the S&P index ETF for example, the past few days’ volume has been the highest since the fiasco of 2008. There is a lot of stock changing hands right now. Is the dumb money selling to the smart money or vice versa?
Insider Buying: Anyone that has talked to me over the past few days knows I have been talking about the unusual insider buying I have been seeing. Suddenly, the media has gotten a hold of the insider buying spree and has covered it widely today. The last few days seem to be unprecedented. I know my observation was that this was the third time in 14 years that I have seen an increase like this. Today, I read that the insider activity is indeed at the highest level since the five days ended March 9, 2009. We all know what happened after march 9, 2009:
S&P 500 (After 3/9/09)
Gold: Gold was down significantly today. This occurred in unison with a higher market, which is what one might expect. Two days ago, when the market was up, Gold was also up, which made bullish investors a bit skeptical of the rally.
Market Today: The market was extraordinarily strong today. I think I heard that for the first time ever, the Dow moved over 400 points for four days straight. There has certainly been a lot of volatility recently. Today’s action was characterized by money moving out of safe haven assets and into the stock market in general. Every sector was strong with BRIC and technology leading the way.
Have a good day!
Brent
