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Fellow DU Investors: Don't be too impressed by the insider buying at Bank of America.

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Mike 03 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 06:59 PM
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Fellow DU Investors: Don't be too impressed by the insider buying at Bank of America.
I was shocked that BAC stock shot up just because of insider buying. We have to remember that insiders at Citi and Washington Mutual continued to buy huge quantities of those stocks when they were forty, thirty, twenty, ten bucks. Same for BAC. Same for a stock I got screwed on: SIRI.

IMO, desperate insider buying is not a good buy signal right now. Especially with these financial stocks. Steer clear.
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Donnachaidh Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 07:03 PM
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1. Fox Business News was certainly humping it for BAC today
My DH watches it, so I was forced to watch their top 7 late movers. Really talked up BAc and as an afterthought lightly *mentioned* that the movement was from stock buybacks. :eyes:

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