Argus

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Jun 02, 2026

Sector(s)

Utilities, Healthcare, Consumer Cyclical

Summary

In May, the S&P 500 rose 5.2%, the Nasdaq ripped higher by 8.4%, and the Nasdaq 100 surged 10.6%. The Technology Sector SPDR (XLK) jumped 20%. More impressively, the two-month gain reached 43.7%. Tulip mania? We are not going to dig deeper on that question, but will say that stocks likely will not move higher forever. And if an investor is starting to feel that some degree of defensiveness is needed, we'll say that corporate insiders apparently are starting to agree. We review many insider-sentiment data points from Vickers Stock Research, but will highlight one indicator we don't often discuss. Vickers tracks the volume of Form 144 filings, through which insiders register their intent to sell restricted shares. Some 3,222 Form 144s were filed in May. The last time we saw that many 144s was in December of 2024, when the DJIA was at 44,910. By April of 2025, the index was 15% lower.  One-week insider-sentiment sector data also suddenly suggests caution. Departing from the bullish sentiment seen over the two prior weeks (when eight of the 11 sectors recorded bullish one-week readings), only two sectors (Energy and Financial) now boast bullish one-week sentiment. Meanwhile, six sectors are neutral and t

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