Top insider trades (Tue, Nov 4)

Connor’s Commentary

Overview

We found 136 new insider trades, including:

• A $1M purchase by the CEO at Cigna (already up 4% since we alerted it in real-time in the Discord)

• A director at Fiserv (FI) buying the dip for the first time

• More CEO purchases at Merchants Bank (MBIN), Matador Resources (MTDR), Enphase Energy (ENPH), Iridium Corp (IRDM), Silgan Holdings (SLGN), and more.

• Continued insider buying at tons of regional banks

• another insider purchase at Kinder Morgan (KMI)

• an insider at both Nicolet Bankshares (NIC) and the CEO at MidWestOne group (MOFG) have bought their respective stocks in the last week. Nicolet is acquiring MOFG, and there is a ~10% spread last time I checked

• and much more

I discuss many of these trades later in the email.

Cigna (CI) is already up ~4% since I called it out in the Discord. I made a quick couple of bucks on that one, but I explain in the Today’s Top Trades section why I’m a little less confident in buying for the long-term right now. A lot of CEO purchases have been causing short-term pops, so it’s nice to get the real-time alerts on those.

Commentary

Another bullish day of insider buying, with over half of all of the unscheduled/unusual insider trades being buys. As you can see below, the insider buying in the back half of October was quite bullish, with most of the days at/above the median.

The market has basically been straight up over the last 6 months, with a handful of dips below the 20d EMA, but never even touching the 50d SMA.

Our Insider Sentiment indicator has also been bullish over the last 6 months (and was even “very bullish” for a few days in June). It had been steadily declining since June, but has seen an uptick since October 1st as insiders have increased their buying again.

Anecdotally, I’ve seen a lot of the good “momentum” investors that I follow starting to miss some calls as some of the non-AI momentum themes have started to cool off (especially anything with government contracts), but the insiders and the S&P are still telling you not to worry yet.

I’m hoping to get this email back to 9am EST by next week, but I’m still working out all the kinks.

keep scrolling. more data below

🔒 Today’s Top Trades

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🔒 Other Trade Notes

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🔒 Data Dump

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