I thought I'd copy a few of the comments I made on our site for tomorrow as it may be of interest here.
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I mentioned a few days that we have been seeing an extraordinarily high amount of insider selling. And remember that we are comparing two reversed criteria screens, so the insiders are selling the stocks with volume going down, much more than they are buying the volume stocks going up. Take a look at the screening for today's watchlist, out of 100 stocks moving up there was a total of 20 insider buys, out of 100 equal down moving stocks, there was an astounding 371 insider sales.
It now appears that insiders were rushing to sell prior to the end of the quarter. Take a look at FNSR, we had it on the watchlist as long a few times the beginning of September, and showed up as recently as September 21 as a Category 3 long, with zero insider sales (realizing that they may have occurred with the delay in reporting). Now it shows up on the short screening after the close October 3rd with 12 insider sales. There has been so many insider sales that the SEC is behind in "clearing," or as they say "cleaning," all the recent transactions.
The market internals continue bad. The screened stock ratio was 10 to 5 favoring shorts. I stay in "lite" mode. Maybe someday one of these bounces will stick longer than 1/2 day <g>.
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Still finding a few good longs, but some you have to keep your finger on the eject button, and the shorts continue to still the show.
Long: CEFT, NCOG, BOW, FHS, TNOX, JNY, and TK.
Short: CKRF, WWCA, TTP, INRS, and IMPH.
Good Trading!!
Sam
http:\\www.savvy-trader.com |
