2011年9月23日星期五

為什麼業內人士已紛紛放棄買股票

為什麼業內人士已紛紛放棄買股票
Why the insiders have quit buying stocks
Commentary: The ratio of insider sales to purchases has jumped
評論:業內人士銷售對購買的比例已跳升
Brett Arends
MarketWatch
Sept. 21, 2011, 6:01 a.m. EDT
Translation by Autumnson Blog

Continued from page 1

意想不到的轉向
Unexpected turnabout
Early last month, when the stock market tanked, they turned out in force yet again. It was a very hopeful sign. In early August insiders bought shares at an even faster rate than they did at the market lows in March 2009. Indeed, TrimTabs says it was the fastest rate since November 2008.
上月初當股市重挫時,他們仍再次有力出現,是一個非常有希望的跡象。在八月初業內人士以一更快的速度比起在在2009年3月市場低點時購買股票。事實上,TrimTabs表示那是自2008年11月以來最快的速度。
Reuters
Traders work on the floor of the New York Stock Exchange
紐約證券交易所場上交易員在工作

The buying slowed in late August, when the market rallied and shares became more expensive. You’d expect that.
當市場上漲和股票變得更昂貴,買盤在八月下旬放緩,你所期望的。
But around Sept. 7 the rate collapsed — even though share prices were coming back down. You would certainly not expect that — unless something was up.
但9月7日左右,速率崩潰 - 即使股價回落。你肯定不會想到這 - 除非有料。
Biderman points out that the insiders are sitting on their hands even though many share prices are still down at the same levels as early August.
拜德曼指出,業內人士蹺埋手,儘管許多股票價格仍然在下降至八月初的同一水平。
Data from InsiderScore, a specialist research firm, points to a similar conclusion.
來自專業研究公司InsiderScore的數據,指出一類似的結論。
Consider the smaller growth companies that make up the Russell 2000 Index /quotes/zigman/2759624 RUT +1.61% . InsiderScore reports that honcho sentiment at these companies was very bullish just a few weeks ago. The people running these companies plunged into the market to buy up stocks in early August, when prices fell.

Today their share prices are no higher. But the insiders are no longer acting bullish.

And InsiderScore reports that the picture is similar for financial stocks, too.

What’s up?

The executives and their customers are back at their desks after the summer vacations. They’ve had a chance to look at the forward order books.

Or maybe they’re just worried about the big picture.

Greece. China. The U.S. economy. The budget. Any number of things could cause the stock market to throw a wheel.

Biderman blames uncertainty. “It looks to me that insiders are uncertain as to what’s happening,” he says.

Markets rallied yesterday on “rising hopes” (again) about Europe. They sank Monday in “growing fears” about Europe. And so it goes. If I wanted to commit myself to stocks at these levels, I’d rather see the insiders doing the same.

http://www.marketwatch.com/story/why-the-insiders-have-quit-buying-stocks-2011-09-21?pagenumber=2

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