Corporate insiders were dumping stocks into July's rally: Only 151 S&P 500 companies saw insider purchases last month, the fewest since at least 2018. While insider selling slowed compared to June, purchases dropped even more. As a result, the insider buy-to-sell ratio dropped to 0.26, the lowest since July 2024. This is also the second-lowest reading in 4 years. To put this into perspective, the long-term average is ~0.45. Corporate insiders continue to lock in gains.(The Kobeissi Letter)