StreetInsider.com Highlights High Level of Insider Buying on CNBC's Fast Money
On CNBC's Fast Money Friday, StreetInsider.com President Lon Juricic commented on the high level of recent CEO insider buying. Lon noted that last week there were 47 new strong insider buys versus a normal week of 15.
Lon discussed recent insider buying at Citi (NYSE: C), GE (NYSE: GE), Dow (NYSE: DOW), Lear (NYSE: LEA) and Corning (NYSE: GLW).
Lon said that insider buying has not been a great tell recently, and if you followed insider buying by Chesapeake Energy's (NYSE: CHK) CEO Aubrey K. McClendon you would have been "smashed," as Aubrey was forced to sell nearly all his stock due to margin calls.
Lon mentioned that in 2005 when insiders at the homebuilders were selling stock "hand over fist" it was a sign of bad things to come. Lon called this level of insider selling a "frying pan over the head." He said this week's level of insider buying is also a "frying pan over the head," but on the positive side.
Lon points out that with hedge funds selling, and insiders buying like crazy "something is going on."
Link to video: http://www.cnbc.com/id/15840232?video=928597795
Track Insider Buying At StreetInsider.com: http://www.streetinsider.com/Insider+Trades
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