Even more impressive is Hong Kong: 15.57% of profits, up from 9.5%, on 1.34% of sales, despite the territory's severe recession.

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When properly interpreted, in other words, the numbers suggest insiders have responded to the stock market's march into record territory by cutting back on the pace of their sales relative to their purchases.

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But the federation's reading on expected business conditions remained deep in recession territory, and business owners reporting declining sales far outnumbered those saying sales increased.

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