Insiders Continue Buying the Dip

Includes: BFS, DIA, LM, QQQ, SPY
by: Cullen Roche

As we noted last week, insider buying has jumped in recent weeks as stocks have swooned and insiders have taken advantage of the downturn. The recent spate of buying was the largest weekly buying since the depths of the credit crisis near the market lows in 2008. Insiders bought $31MM worth of stock last week while selling over $588MM. Selling remains staggeringly high when compared to buying, but the buying data remains the far more useful indicator in terms of market direction.

Among the notable buying was Nelson Peltz who continues to see value in Legg Mason (NYSE:LM). Francis Saul, CEO of Saul Centers (NYSE:BFS) also bought over $1MM of his own stock.