"There were about 12 stock-sale announcements over the past three months for every purchase by insiders at Standard & Poor's 500 Index (SPY) companies, the highest ratio since January 2011, according to data compiled by Bloomberg and Pavilion Global Markets. Whenever the ratio exceeded 11 in the past, the benchmark index declined 5.9 percent on average in the next six months, according to Pavilion, a Montreal-based trading firm."
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