Since last week the ratio of selling to buying was #Ref!, it could really only go up. And it has. In the week ending January 21, the S&P 500 saw 2 insider buys (Tiffany and Fastenal for a total of $131,227) and 60 insider sales, worth $373 million, for a total insider sell-to-buy ratio of 2,842x. The biggest selling occurred in Discovery Communications ($101 million), Tiffany (where the $54 million just modestly offset the $119,259 in buying), Apollo Group ($44.8 million), McKesson ($40 million), and Hewlett-Packard ($25 million). So just like the government's definition of inflation, where if you strip away everything you have deflation, absent all the selling in the last year, which now amount to about $20 billion, there has been nothing but insider buying.