Yes, the public are once again accepting the SHEEP title with pride and ignorance.
Ignoring signs of a recovering economy, insiders continued selling shares in droves last year even as the stock market bounced back from three-year lows. Insider sales surged 40 percent to $29 billion over the prior year - nearing 2001's selling activity.
One reason selling far outpaced buying last year, observers say, is because many insiders' stock options were no longer worthless.
"People are cashing in while the going is good," said Jonas Ferris, editor of Insider Moves and co-founder of Maxfunds.com.
Insider selling accelerated in the fourth quarter as executives unloaded $10.8 billion of stock, marking the highest quarterly selling in more than three years, according to Thomson Financial.
David Coleman, editor of Vickers Weekly Insiders Report, said such aggressive selling signals that executives are wary about the stock market's prospects this year.
"Insiders are looking for a safer haven for their money," Coleman said.
Do these figures look like confidence on the part of those that should know?
EBAY
11/20/03 JORDAN JEFFREY DALTON Sold 25,000 $52.67 $1 Mil
11/20/03 BANNICK MATTHEW J Sold 24,999 $52.81 $1 Mil
11/20/03 JACOBSON MICHAEL RICHARD Sold 35,000 $51.89 $2 Mil
11/20/03 COBB WILLIAM C Sold 15,000 $52.70 $790,521
11/19/03 REEDY LYNN LENCIONI Sold 150,000 $52.28 $8 Mil
11/19/03 RUBASH MARK J Sold 39,500 $51.85 $2 Mil
11/19/03 LEPORE DAWN GOULD Sold 50,000 $53.11 $3 Mil
11/19/03 JACOBSON MICHAEL RICHARD Sold 35,000 $51.19 $2 Mil
11/19/03 JORDAN JEFFREY DALTON Sold 25,000 $52.01 $1 Mil
11/18/03 JORDAN JEFFREY DALTON Sold 50,000 $53.11 $3 Mil
11/18/03 WEBB MAYNARD GEORGE JR Sold 200,000 $52.59 $11 Mil
11/18/03 DUTTA RAJIV Sold 60,000 $52.92 $3 Mil
11/18/03 ABBOTT MARTIN LEWIS Sold 30,000 $52.46 $2 Mil
11/18/03 COOK SCOTT D Sold 115,000 $52.64 $6 Mil
11/18/03 BANNICK MATTHEW J Sold 24,999 $53.54 $1 Mil
11/18/03 BOURGUIGNON PHILIPPE Sold 280,000 $52.19 $15 Mil
08/20/03 WHITMAN MARGARET C Sold 22,905 $110.17 $3 Mil
08/20/03 BANNICK MATTHEW J Sold 9,584 $110.15 $1 Mil
08/20/03 JACOBSON MICHAEL RICHARD Sold 10,000 $110.61 $1 Mil
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AMZN
12/22/03 STONESIFER PATRICIA Q Sold 50,000 $48.79 $2 Mil
12/15/03 DALZELL RICHARD L Sold 48,750 $51.62 $3 Mil
12/09/03 ALBERG THOMAS A Sold 7,800 $51.29 $400,032
11/26/03 PEEK MARK S Sold 22,500 $52.64 $1 Mil
11/24/03 DALZELL RICHARD L Sold 75,000 $49.81 $4 Mil
11/24/03 STONESIFER PATRICIA Q Sold 50,000 $49.17 $2 Mil
11/21/03 BEZOS JEFFREY P Sold 150,000 $48.86 $7 Mil
11/19/03 BEZOS JEFFREY P Sold 100,000 $49.22 $5 Mil
11/18/03 BEZOS JEFFREY P Sold 200,000 $50.29 $10 Mil
11/14/03 PIACENTINI DIEGO Sold 56,252 $53.22 $3 Mil
11/14/03 WILSON LYNN MICHELLE Sold 37,502 $53.22 $2 Mil
11/14/03 WILKE JEFFREY A Sold 56,252 $53.22 $3 Mil
11/07/03 BEZOS JEFFREY P Sold 100,000 $54.62 $5 Mil
11/06/03 BEZOS JEFFREY P Sold 200,000 $55.86 $11 Mil
11/04/03 BEZOS JEFFREY P Sold 200,000 $56.23 $11 Mil
11/04/03 ALBERG THOMAS A Sold 7,070 $56.60 $400,149
10/29/03 KILAR JASON Sold 22,350 $56.56 $1 Mil
10/01/03 KILAR JASON Sold 2,650 $48.42 $128,313
09/22/03 STONESIFER PATRICIA Q Sold 50,000 $46.51 $2 Mil
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YHOO
12/10/03 RALSTON GEOFFREY Sold 2,211 $41.66 $92,110
12/03/03 RALSTON GEOFFREY Sold 2,211 $43.82 $96,886
11/26/03 RALSTON GEOFFREY Sold 2,211 $42.78 $94,582
11/21/03 COLEMAN GREGORY Sold 39,999 $39.03 $2 Mil
11/19/03 FILO DAVID Sold 200,000 $38.40 $8 Mil
11/19/03 RALSTON GEOFFREY Sold 2,211 $38.56 $85,256
11/13/03 WILSON GARY L Sold 6,000 $42.37 $254,210
11/12/03 RALSTON GEOFFREY Sold 2,211 $40.56 $89,684
11/05/03 RALSTON GEOFFREY Sold 2,211 $43.01 $95,095
11/05/03 CUTHBERT PATRICIA Sold 3,500 $43.28 $151,480
11/03/03 DECKER SUSAN LYNNE Sold 20,000 $44.70 $894,000
11/03/03 BOOM STEVE Sold 3,281 $44.40 $145,693
10/30/03 NAZEM FARZAD Sold 70,000 $43.81 $3 Mil
10/30/03 DECKER SUSAN LYNNE Sold 10,000 $44.50 $445,000
10/29/03 RALSTON GEOFFREY Sold 2,211 $42.91 $94,883
10/28/03 DECKER SUSAN LYNNE Sold 50,000 $42.50 $2 Mil
10/21/03 NAZEM FARZAD Sold 50,000 $42.99 $2 Mil
10/17/03 WEINER JEFFREY Sold 48,375 $42.22 $2 Mil
10/16/03 ROSENSWEIG DANIEL L Sold 74,125 $42.21 $3 Mil
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MSFT
01/02/04 SHIRLEY JON A Sold 120,000 $27.55 $3 Mil
12/09/03 SHIRLEY JON A Sold 60,000 $26.54 $2 Mil
12/01/03 SHIRLEY JON A Sold 60,000 $25.91 $2 Mil
11/14/03 GATES WILLIAM H III Sold 1 Mil $25.76 $35 Mil
11/14/03 GATES WILLIAM H III Sold 642,190 $25.53 $16 Mil
11/13/03 GATES WILLIAM H III Sold 1 Mil $25.63 $26 Mil
11/12/03 GATES WILLIAM H III Sold 375,100 $25.94 $10 Mil
11/12/03 GATES WILLIAM H III Sold 624,900 $25.73 $16 Mil
11/11/03 GATES WILLIAM H III Sold 769,350 $25.94 $20 Mil
11/11/03 GATES WILLIAM H III Sold 1 Mil $25.77 $32 Mil
11/03/03 SHIRLEY JON A Sold 93,000 $26.58 $2 Mil
10/30/03 SMITH BRADFORD LEE Sold 10,000 $26.45 $264,500
10/29/03 VASKEVITCH DAVID Sold 75,000 $26.91 $2 Mil
10/01/03 SHIRLEY JON A Sold 93,000 $28.08 $3 Mil
09/18/03 RAIKES JEFFREY S Sold 500,000 $29.41 $15 Mil
09/05/03 RAIKES JEFFREY S Sold 260,000 $28.61 $7 Mil
09/04/03 RAIKES JEFFREY S Sold 755,134 $28.26 $21 Mil
09/04/03 RAIKES JEFFREY S* Sold 755,134 $28.26 $21 Mil
09/04/03 RUDDER ERIC DAVID Sold 200,500 $28.36 $6 Mil
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HPQ
12/08/03 ZITZNER DUANE E Sold 9,416 $22.33 $210,259
12/05/03 PAVLOVICH STEPHEN J Sold 2,421 $22.29 $53,956
12/03/03 ZITZNER DUANE E Sold 14,000 $22.53 $315,350
11/25/03 KNOWLING ROBERT E JR Sold 4,000 $21.65 $86,600
11/25/03 LAMPMAN RICHARD Sold 10,000 $21.82 $218,200
11/21/03 PETERSEN DONALD E Sold 102,780 $21.73 $2 Mil
11/21/03 MCKINNEY H WEBBER Sold 47,084 $21.35 $1 Mil
05/30/03 WAYMAN ROBERT PAUL Sold 179,176 $19.25 $3 Mil
05/22/03 BOWICK SUSAN D Sold 24,022 $17.98 $431,916
05/22/03 ZITZNER DUANE E Sold 15,952 $18.40 $293,517
04/02/03 LIVERMORE ANN M Sold 23,927 $16.06 $384,268
03/07/03 BOWICK SUSAN D Sold 6,650 $15.31 $101,771
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QCOM
01/05/04 JACOBS IRWIN MARK Sold 34,000 $53.48 $2 Mil
01/05/04 PADOVANI ROBERTO Sold 6,000 $53.48 $320,880
01/02/04 JACOBS PAUL E Sold 32,000 $54.21 $2 Mil
12/29/03 JACOBS IRWIN MARK Sold 34,000 $52.90 $2 Mil
12/22/03 JACOBS IRWIN MARK Sold 34,000 $50.80 $2 Mil
12/22/03 STERN MARC IRWIN Sold 2,500 $51.72 $129,305
12/15/03 STERN MARC IRWIN Sold 2,500 $51.06 $127,644
12/15/03 JACOBS IRWIN MARK Sold 34,000 $51.95 $2 Mil
12/15/03 COFFMAN ADELIA A Sold 5,000 $51.34 $256,700
12/12/03 COFFMAN ADELIA A Sold 12,000 $50.12 $601,440
12/11/03 COFFMAN ADELIA A Sold 43,000 $49.63 $2 Mil
12/11/03 JACOBS PAUL E Sold 12,000 $50.01 $600,120
12/08/03 JACOBS IRWIN MARK Sold 34,000 $49.15 $2 Mil
12/08/03 STERN MARC IRWIN Sold 2,500 $49.11 $122,768
12/08/03 ATKINSON RICHARD C Sold 6,460 $49.15 $317,509
12/08/03 SCOWCROFT BRENT Sold 50,000 $49.15 $2 Mil
12/01/03 ATKINSON RICHARD C Sold 6,540 $45.06 $294,694
12/01/03 STERN MARC IRWIN Sold 2,500 $45.24 $113,097
12/01/03 JACOBS IRWIN MARK Sold 34,000 $45.06 $2 Mil
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TWX
01/06/04 NOVACK KENNETH J Sold 12,000 $18.16 $217,860
01/05/04 GILBURNE MILES R Sold 10,000 $18.14 $181,400
12/30/03 NOVACK KENNETH J Sold 12,000 $17.92 $215,040
12/29/03 GILBURNE MILES R Sold 10,000 $17.78 $177,800
12/23/03 NOVACK KENNETH J Sold 12,000 $17.84 $214,140
12/22/03 GILBURNE MILES R Sold 10,000 $17.85 $178,500
12/16/03 NOVACK KENNETH J Sold 12,000 $17.38 $208,500
12/15/03 GILBURNE MILES R Sold 10,000 $17.81 $178,100
12/09/03 NOVACK KENNETH J Sold 12,000 $16.55 $198,540
12/08/03 GILBURNE MILES R Sold 10,000 $16.43 $164,350
12/02/03 NOVACK KENNETH J Sold 12,000 $16.72 $200,640
12/01/03 GILBURNE MILES R Sold 10,000 $16.46 $164,600
11/25/03 NOVACK KENNETH J Sold 12,000 $15.97 $191,640
11/24/03 GILBURNE MILES R Sold 10,000 $15.76 $157,600
11/17/03 GILBURNE MILES R Sold 10,000 $15.50 $155,000
11/12/03 NOVACK KENNETH J Sold 12,000 $15.97 $191,640
11/10/03 GILBURNE MILES R Sold 10,000 $15.67 $156,700
11/03/03 GILBURNE MILES R Sold 10,000 $15.59 $155,850
10/27/03 GILBURNE MILES R Sold 10,000 $15.23 $152,300
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JPM
11/13/03 STALEY JAMES E Sold 13,810 $35.84 $494,950
11/06/03 MCCREE DONALD H III Sold 14,170 $36.33 $514,867
10/27/03 SCHMIDLIN JOHN W Sold 8,000 $35.22 $281,760
07/25/03 POTE HAROLD W Sold 35,000 $34.63 $1 Mil
05/30/03 KETCHUM THOMAS B Sold 70,599 $32.83 $2 Mil
05/08/03 WEBSTER LESLEY DANIELS Sold 7,500 $30.25 $226,875
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AMGN
11/21/03 ODRE STEVEN M Sold 15,000 $60.26 $903,825
11/19/03 JOHNSON FRANKLIN P JR Sold 152,800 $59.94 $9 Mil
11/18/03 JOHNSON FRANKLIN P JR Sold 96,000 $59.14 $6 Mil
11/14/03 FRITZKY EDWARD V Sold 135,355 $58.53 $8 Mil
11/14/03 SHARER KEVIN W Sold 30,405 $58.77 $2 Mil
11/14/03 SHARER KEVIN W Sold 15,600 $58.95 $919,542
11/14/03 SHARER KEVIN W Sold 26,700 $58.58 $2 Mil
11/14/03 FENTON DENNIS M Sold 20,000 $59.40 $1 Mil
09/09/03 SCHEHR BARRY D Sold 15,350 $68.00 $1 Mil
09/03/03 LAZARUS STEVEN Sold 1,000 $68.11 $68,105
08/12/03 LAZARUS STEVEN Sold 10,000 $68.00 $680,000
07/31/03 NANULA RICHARD D Sold 30,000 $70.57 $2 Mil
07/31/03 PERLMUTTER ROGER M Sold 25,000 $70.80 $2 Mil
07/31/03 FENTON DENNIS M Sold 40,320 $70.35 $3 Mil
07/31/03 BONANNI FABRIZIO Sold 16,000 $70.52 $1 Mil
07/30/03 SCHEHR BARRY D Sold 13,155 $69.46 $913,746
07/29/03 SCHEHR BARRY D Sold 5,000 $70.00 $350,000
07/29/03 SHARER KEVIN W Sold 15,761 $69.21 $1 Mil
07/29/03 SHARER KEVIN W Sold 36,442 $68.96 $3 Mil
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