With your local friendly asset-gatherer constantly promoting the cheapness of stocks [5] of the TINA (there is no alternative) to BTFATH [6], TV talking-heads jabbering over 'stock-pickers' markets (infuriating Cliff Asness) [7], and CEOs trotted out day after day to espouse how bright the future looks (even if outlooks in the immediate future are down-down-down-graded); it is hardly surprising that sentiment among the sheeple is so extremely bullish [8]. So, when we saw the chart below... we could only ask - what do the insiders know that the average-joe-investor doesn't?
[9]
Of course, we are sure someone will try and explain away this avalanche of insider-selling with "tax-related" factors or "taking-profits" but none of that negates the less-than-optimistic tone that it implies about what the short- or medium-term expectations are from management of the firms that comprise the US equity market...