Dow Jones Industrial Average (DJIA) futures pushed higher on Thursday.
Jeff Bezos sold $3.1 billion in stock this week.
A flurry of insider selling since July signals a “warning sign” for the markets.
The stock market looks set to eke out a fifth-straight day of gains on Thursday. Dow Jones Industrial Average (DJIA) futures were up 49 points in premarket trading.
But after a strong week on Wall Street, there are some warning signs flashing. Not least, Jeff Bezos just dumped $3.1 billion Amazon shares.
Insider selling of this magnitude is often a “warning sign” according to Jonathan Moreland, director of research at InsiderInsights, speaking to Bloomberg last month.
I’m not prepared to say everybody should sell everything and short the market because of the recent insider data. The way I’m using it is, I’m more comfortable selling some of my winners. We still don’t trust the market’s recent recovery.
Video: why is Jeff Bezos selling so much stock?
Bezos isn’t the only one offloading shares at these levels. More than 1,000 corporate execs sold shares in the July rally.
Dow futures point to fifth day of gains
Traders are keeping the party going this morning after yesterday’s strong session. Dow futures were up 55 points (0.2%) on Thursday morning.