Financial insider buying hits lowest level in nearly 23 years
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Financial executives are turning cautious, the Kobeissi Letter said, as the number of financial executives buying their own stocks fell to its lowest level in almost 23 years during the third quarter.
The sector's unique seller-to-buyer ratio stood at 2.10x its long-term average, the highest reading across major sectors, the post said. The ratio compares the number of individual insiders who sold shares with the number who bought, regardless of how many times they sold.
Energy (XLE) followed at 1.30x and Information Technology (XLK) at 1.24x, while the broader market stood at 1.20x, or 20% above its long-term average.
The long-term average is 1.0x. The chart showed Consumer Staples (XLP) at 0.50x, Utilities (XLU) at 0.55x, Materials (XLB) at 0.57x, Consumer Discretionary (XLY) at 0.76x, Industrials (XLI) at 0.80x, and Real Estate (XLRE) at 0.85x. Health Care (XLV) stood at 1.05x.
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