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Wachovia (WB-OLD) insiders are buying shares on a consistent basis. When you couple this with recent news, it seems to be a sign of a general trend in financials. Lanty L. Smith, a director of Wachovia Corp. bought 40,000 shares of common stock, according to a Securities and Exchange Commission filing Friday. This follows purchases earlier by other insiders, including smith himself.

In a Form 4 filed with the SEC, reported buying the shares last Thursday for $34.76 a piece for a total purchase of $1.39 million. This follows recent announcements that for the first time in years, net insider purchases of stock outpaced sellers. Usually, due to options received by insiders, net sales are more than purchases.

While it is hard for us looking in to quantify the recent effects of the dramatic rate cuts on financials by the Fed, if we follow the insider buying or interest in financials by "value investors", we get a good picture. Berkshire Hathaway's (NYSE:BRK.A) Warren Buffett and Wilbur Ross are getting interested, Leucadia (NYSE:LUK) is buying up shares of AmeriCredit (ACF), Citigroup (NYSE:C) has seen insider buying and Bank of America (NYSE:BAC) has got what will be seen as perhaps the bargain of the year in Countrywide (CFC) and Richard Pzena is buying shares of Citi and Freddie Mac (FRE).

Financials (NYSEARCA:XLF) seemed to have bottomed on Jan. 18th, and it is no coincidence the famed bottom dwellers above are circling.

Disclosure: Long WB, C
Source: Financials: Insiders Buying on Consistent Basis