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Toll Brothers Inc. (NYSE: TOL) has submitted two different filings showing that CEO Robert Toll unloaded 1 million shares this week.

The stock closed in at $14.26 on March 2, 2009.  It traded as low as $13.72 the following day as worries about the economy  battered the stock.  You will see the prices below and see the $18.00 price today.  As far as a a comparison, the SPDR S&P Homebuilders (NYSE: XHB) recently put in lows of $8.00 and it is at $10.45 today. That puts the Toll shares up over 31% from recent lows and the ETF is up 30% from recent lows.

There was a filing from last night that showed Mr. Toll had unloaded a half-million shares, but the new filing shows him now at 1 million shares being sold this week.

• 03/16/2009 Sold  470,192    shares at $17.3674 average;
• 03/17/2009 Sold  29,808 shares at $17.0126 average;
• 03/18/2009 Sold  467,600    shares at $17.4611 average;
• 03/18/2009 Sold  32,400 shares at $18.0664 average.

This leaves the CEO with 13,360,607 shares in direct ownership.  He has almost another 4 million shares in indirect entities or in options and retirement accounts.

Mr. Toll does have a substantial amount of stock left.  But this looks like fairly aggressive selling from an insider, and it comes on the heels of what has all the earmarks and calling cards of a major and massive bear market rally.  Even if the worst has been seen, this looks like fairly aggressive selling considering that so many are doubting the strength of this recent rally.

JON C. OGG