According to SentimenTrader's Jason Goepfert, the number of insiders buying shares in their companies has recently fallen to levels last seen in September 2021. While insider buying isn't an exact science, it has in the past been a reliable guide as to whether stocks are looking cheap or expensive.
"Overall, it is fairly clear that sentiment is elevated and on the cusp of complacent," said Jason Goepfert, chief research analyst and founder of SentimenTrader, in response to questions emailed by MarketWatch.