We're not convinced that insiders are really the smart money everyone assumes them to be. But either way, they're sending one message: head for the door!

Rather than take advantage of stock prices that are still at historically low valuations, insiders are taking advantage of the aggressive run up in stocks and cashing out.

Bloomberg: Insiders from New York Stock Exchange-listed companies sold $8.32 worth of stock for every dollar bought in the first three weeks of April, according to Washington Service, which analyzes stock transactions of corporate insiders for more than 500 institutional clients.

That’s the fastest rate of selling since October 2007, when U.S. stocks peaked and the 17-month bear market that wiped out more than half the market value of U.S. companies began. The $42.5 million in insider purchases through April 20 would represent the smallest amount for a full month since July 1992, data going back more than 20 years show. That drop preceded a 2.4 percent slide in the S&P 500 in August 1992.

For a take on the that's dripping with snark and sarcasm, see Barron's Alan Abelson.