Back in mid-March, when the S&P was crashing and just days before the Fed completed its nationalization of the bond market when it announced Unlimited QE and corporate bond purchases, we responded to those asking who is "buying while there's blood in the streets" with the following simple answer: corporate insiders. 

Indeed, at a time when most hedge funds were panic selling, executives - who know their company prospects better than literally anyone else - were hitting the clearance rack and buying shares of their own companies at what Bloomberg called a "breakneck" pace, with total insider buys outpacing sales by the most since 2011.

Four months later, with the S&P now back to just a whisker away from all time highs, and a handful of tech stocks at never before seen levels...

... insiders have had enough and, confirming that valuations are in some cases even beyond dot com levels, have turned from rabid buyers into sellers with data from The Washington Service showing that nearly 1,000 corporate executives and officers have sold shares in their own companies this month, outpacing insider buyers by a ratio of 5-to-1.

How big is this insider selling frenzy in context? According to Bloomberg, "only twice in the past three decades has the sell-buy ratio been higher than now."