INSIDER SELLING… Last week, we saw the largest amount in dollar value of officers and directors selling their personally owned shares, yes, it was the highest dollar value in market history. And it was only the eleven largest transactions that were included in this total. Last week’s insider stock sales totaled an astounding value of over $3 Billion ($3,000,000,000) ! Insider buying was barely 2% of the dollar value of the selling. It is quite a contrast and has been ongoing. These recent “insider sell” levels in the past have always been concurrent with the beginning of what led into brutal bear market declines. We have said many times, odd as it may seem, bull markets do not end due to overvaluation. They usually end with 1- interest rates rising, 2-often with a decline in the money supply and 3-an economic slowdown. But note well that risky market tops are usually accompanied by overvaluation. We are seeing none of the three above ingredients at present. Yet we are seeing extreme overvaluation in far too many popular heavily recommended stocks. Yet, we see heavy insider buying and ownership in many mid-cap and small cap stocks. You know many of them as the ones that are not touted and hyped by the major brokerage houses and banks….those mid cap and small cap stocks also represent what is undervalued not what is popular.