Insider Activity: In the past two weeks, I have noticed a lot more insider selling and few insider buys. It appears that after earnings, many insiders are taking the opportunity to lighten up on their recently strong stock.
Super-Committee: The congressional super-committee failed to agree on budget cuts yesterday. Yesterday’s move down in the market appeared to be mostly due to the politicians’ inability to agree on a solution. It was one of the few recent days that Europe was not the catalyst for weakness. Our fate seems to be in the hands of these people:
GDP: Third quarter GDP was revised slightly downward from 2.5% to 2.0%. This was a slightly negative force on the market today. Even considering the downward revision, last quarter still represents a tick up from Q2. Interestingly, the trough in 2008 was deeper than every other recession in the past fifty years.
GDP (15 years)
Market Today: The market was slightly weak today on the GDP news and a bit of a hangover from the super-committee failure. As usual, there was intraday news regarding Europe which temporarily helped the market.
Have a good day, and happy Thanksgiving!
Brent
