The S&P has jumped by almost 30% since mid-March, its steepest rally since the 1930s, fuelling hopes of a sustainable bull run.
But corporate insiders who should have a better handle on the prospects for their company than analysts or economists don't seem to share this optimism. In the first three weeks of April, executives and senior officers at US firms sold $353m of equities, or 8.3 times more than they bought, according to research firm Washington Services.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Insiders aren't infallible, as Alan Abelson in Barron's points out. But if they thought a turnaround was on the cards, they would be "loath to liquidate their holdings in such an emphatic way". They are evidently "scarcely enthusiastic about the prospects for a genuine bull market".
-
DIY pension investors take tax-free cash amid switch to ISAsSelf-invested personal pension (SIPP) investors are rushing to withdraw their tax-free cash and turning to ISAs amid fears of a pension tax raid in the Autumn Budget
-
12 ways pensions could be reformed in Budget – including an alternative to charging IHTPension savers could face new rules after the Budget if chancellor Rachel Reeves targets their pots to fill her own fiscal black hole – what potential pension changes could be on the way?
