An alarming mass exodus of tech insiders offers a pessimistic (realistic?) portrait of global demand prospects looking forward:
“Insider selling at the biggest technology companies hit a record pace over the last six months even as investors snatched up shares, pushing the Nasdaq Composite Index to a 12-year high.
More than 55 million shares were sold versus 1,780 shares bought for a sell-buy ratio of an eye-popping 31,109 to 1 at the 10 biggest tech companies, including Microsoft, Oracle and Qualcomm, according to Alan Newman, editor of the Crosscurrents newsletter and market analyst for 49 years.
“Insider activity confirms the rosy scenario indicated by prices is only an illusion,” wrote Newman in his latest letter. “Insiders have no confidence in their own companies. While prices appear to be indicating an all clear, we remain in one of the most egregiously speculative phases ever seen.”
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