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If Everything is so Bullish, Why Are Bank Insiders Dumping Their Shares at Record Pace?

wolfstreet.com / by Wolf Richter / Dec 9, 2016

What are they seeing from their perch that we don’t?

The Big Bullish signal with a capital B – for those who believe in this kind of religion – was that the Dow Jones Transportation Average jumped to a new high on Wednesday for the first time since 2014, and that it rose again on Thursday to another record, even as the Dow also hit new records. The theory goes that transportation stocks predict the broader market in some manner.

There were other bullish signals. Everyone is finding them suddenly everywhere. The hopes are flying high that whatever Trump is going to do – from instigating trade wars to letting Goldman Sachs run the Trump administration – it’s suddenly all good for stocks.

Then why are insiders at banks and industrial companies selling their share as if there were no tomorrow?

Banks had a blistering run. The shares of Wells Fargo, the most hated bank in America these days, soared 28% over the past 30 days, Citigroup 25%, JP Morgan 26%, Goldman Sachs, which is successfully placing its people inside the Trump administration, 37%. It has surged 50% since the end of October, when insiders figured that Trump had a big chance of winning:

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