A few weeks ago I wrote about how I measure the supply/demand of stock from corporations. At the time the equation favored the bulls. This seems to be changing. The chart below from Thomson Reuters via Barron's shows that insider selling has picked up steam recently.
According to the Wall Street Journal Markets Data section we saw $3.5 billion in secondary offerings last week, following many months with few secondaries. These are not eye popping number by any means but it shows that insiders and bankers are starting to feed the ducks. This is an incremental negative.