There has been a stunning vote of “no confidence” by CFC insiders over the last six months. This chart says it all.
While insiders have been bailing as fast as they can (to the tune of 73% of their shares), institutional ownership has barely budged.
Perhaps this is not a fair comparison as the total number of shares held by institutions is enormous. Besides, who are those institutional owners going to sell their shares too anyway?
Then again, the discrepancy between what insiders and institutions are doing just might show the distinction between managing one’s own money and managing someone else’s.
One thing is clear: Insiders managing their own money seem to know what they are doing (get while the gettin is good), while those managing OPM are either stuck in their position with no one to sell to, or are simply oblivious to the risks.
CFC Weekly Chart
Technically CFC has been in a moderately tight weekly channel since the beginning of 2004, with 30 acting as support and 39 or so acting as resistance. Two attempted breakouts above that range both failed. Buying at support and selling into resistance has worked for years. The next reaction to support at or near 30 may be quite interesting to watch.
Mike Shedlock / Mish/
