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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: Paul Shread who wrote (85874)10/4/2001 4:15:34 PM
From: pater tenebrarum  Read Replies (1) of 86076
 
insider buy/sell ratios remain at their worst level ever however. as long as that's the case, no durable bottom is even remotely likely.
usually insiders become net buyers about two to three months BEFORE the bottom is actually put in.
the fact that buybacks exceed new issuance in the short term is ST supportive, but from a longer term perspective, portfolios are still stuffed with hopeless tech wrecks, so any rally is likely to be used for further liquidation.
furthermore, companies have to incur even more debt to finance the buybacks, so it is very likely that the recent spate of buybacks in the wake of the WTC attack is nothing but a flash in the pan.
they're an extraordinary waste of money besides.
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