Fund managers vs insiders

In the monthly BofA fund manager survey, it's interesting to note that industrials and consumer discretionary stocks are among the most overweight through early December.

For industrials, this is among the highest overweight positions they've ever articulated.

It's particularly interesting because the Corporate Insider Buy/Sell Ratio for discretionary stocks has just moved into the sell zone. As always with insiders, buys are a better indicator than sells, but still.

The same thing is happening with the ratio in industrial stocks.

Seems like herd buying at the same time insiders are not isn't a particularly good combo.