Look at executive selling from '08-'12 on Morningstar. The higher the price goes, the faster and more they sell.
Nobody has a finger on the pulse better than the executive board of a company. If we watch executive behavior across all major companies, we find most are macro traders. They have the pulse, the data, the cash and cash flow to trade on a macro level.
They're accumulating when the retail investor is selling and selling when the retail investor is buying. Intelligent investors follow their moves.