The Edge - InsiderStreet.ai | February 18, 2026

🔥 PRE MARKET MOVERS

Pre-Market Session • 09:14 ET • $0.0T Total Volume

📈 Top Gainers by $ Volume

MASI +34.22% $2.6B

NCLH +12.15% $1.4B

ZIM +25.45% $1.1B

WING +13.59% $521M

CMPS +31.33% $264M

IRON +17.19% $235M

ETOR +20.43% $165M

NESR +16.03% $154M

SON +9.77% $150M

KD +11.03% $150M

📉 Top Losers by $ Volume

GPC -14.56% $452M

SGI -8.60% $373M

ALLE -9.38% $372M

OCUL -21.28% $359M

LDOS -8.38% $338M

FROG -7.96% $270M

HRI -13.29% $238M

IPGP -12.38% $193M

LQDA -11.41% $187M

NICE -7.96% $164M

🐷 PIG ROAST

MASI +34.2% zacks.com: Masimo rockets 34.2% to $174.69 on monster volume, but earnings revisions stink and money's fleeing—overbought partygoer's hangover incoming.

NCLH +12.2% fool.com: Norwegian Cruise surges 12.2% to $24.10 as Elliott grabs 10% stake for activist shakeup—years of flops and fat expenses finally get a billionaire babysitter.

ZIM +25.4% zacks.com: ZIM blasts 25.4% to $27.85 amid shipping merger buzz, but overbought with cash exodus—regulators might sink this YTD 27% hot rod.

ONDS +8.0% fool.com: Ondas pops 8% to $10.05 on Euro police drone-busting deal, but down 34% from peaks with money outflow—penny stock dreams vs. YTD -8.8% reality.

WING +13.6% prnewswire.com: Wingstop wings up 13.6% to $251.78 pre-earnings on record store openings despite comp sales slump—YTD -2% fryer finally heats up?

ALLE -9.4% zacks.com: Allegion locks down -9.4% to $162.67 as Q4 earnings miss estimates despite revenue bump—door makers' guidance can't unbolt this earnings flop.

FROG -8.0% seekingalpha.com: JFrog frops 8% to $47.56 post-Q4 transcript, down 32% from highs and YTD -20.1%—dev tool devours itself in a money-outflow feast.

💬 Word on the Street

While Rep. Gilbert Cisneros (D-CA) quietly scooped up shares of Medibank Private Limited (MHVIY) in the $1,001 to $15,000 range, Amkor Technology (AMKR) insiders dumped a staggering $969.8 million worth of stock—and that's just the warm-up act. After hours, Masimo Corporation (MASI) went parabolic with a 34.2% rocket to $174.69, Norwegian Cruise Line Holdings (NCLH) jumped 12.2% to $24.10 on Elliott Management's activist play, and ZIM Integrated Shipping Services (ZIM) exploded 25.4% to $27.85 on merger whispers, all while smart money posted a hefty $1.2 billion net outflow and the VIX spiked 22.1% to 21.2. Here's what smart money is doing today.

🌤️ MARKET WEATHER

Presidential Cycle: Year 2 (2nd Term Year 2) • Donald Trump (R)

We're 35 trading days into Year 2 of a second presidential term, and while SPY sits slightly negative on the year at -0.2%, it's actually running 1.8 percentage points ahead of the historical average for this point in the cycle—though still trailing its typical 20-year seasonal pattern by 0.8%. The backdrop here is that second-term Year 2s have historically delivered modest full-year gains averaging around 3.5% for SPY, with Q1 typically adding another 1.5% by mid-March, suggesting the current slight deficit versus seasonal norms could narrow if historical patterns hold. QQQ's 1.8% YTD decline puts tech slightly behind SPY but still 0.9% ahead of its own second-term Year 2 comparables, reflecting the choppy but not catastrophic tone that's characterized this particular phase of the presidential cycle historically.

SPY -0.2% YTD

2026 Actual

2nd Term Year 2 Avg

Year 2 Projection

vs 2nd Term Year 2: +1.8%

vs 20yr Seasonal: -0.8%

Day: 35 / 252

QQQ -1.8% YTD

2026 Actual

2nd Term Year 2 Avg

Year 2 Projection

vs 2nd Term Year 2: +0.9%

vs 20yr Seasonal: -3.0%

Day: 35 / 252

📊 2nd Term Year 2 years historically average 3.5% for SPY. Current YTD: -0.2%

📖 HOW TO READ THIS REPORT

The Big Idea: When insiders, institutions, AND politicians all bet on the same stock? That's convergence — and historically, these aligned signals tend to pack more punch than solo moves. We track the smart money so you don't have to.

Signal Badges

ETF Institutional funds adding/removing positions
INSIDER Corporate executives buying/selling their own stock
CONGRESS Politicians making trades (yes, we see you)

Momentum Icons

▲ + Buying Rising Stock: Smart money accumulating as price rises — ideal alignment
+ Buying Falling Stock: Smart money accumulating while price drops — falling knife risk
▲ - Selling Rising Stock: Smart money exiting while price still rising — warning signal
- Selling Falling Stock: Smart money exiting as price drops — confirms downtrend

The Bottom Line: Convergence + aligned momentum = strongest setups. Convergence + divergent momentum = proceed with caution. This isn't financial advice — it's intelligence. What you do with it is on you.

📚 Jargon Buster

Hard to Borrow

Shares so scarce that shorting them costs you an arm and a leg. Usually right before the mother of all squeezes.

🎯 SMART MONEY CONVERGENCE

📈 Accumulation Detected (10)

TSLA Tesla, Inc. ⭐ CONGRESS INSIDER ETF

+ Buying Falling Stock 5D -1.6% 3M +2.1% 1Y +15.4%

3 member(s) purchased N/A • 26 insiders purchased $1226.6M • 1228 ETFs increased positions

CRWV CoreWeave, Inc. Class A Common Stock ⭐ CONGRESS INSIDER ETF

▲ + Buying Rising Stock 5D -6.0% 3M +16.2%

2 member(s) purchased N/A • 68 insiders purchased $468.2M • 211 ETFs increased positions

PG The Procter & Gamble Company ⭐ CONGRESS INSIDER ETF

▲ + Buying Rising Stock 5D +1.4% 3M +7.8% 1Y -4.8%

7 member(s) purchased N/A • 17 insiders purchased $134.3M • 581 ETFs increased positions

MCD McDonald's Corporation ⭐ CONGRESS INSIDER ETF

▲ + Buying Rising Stock 5D +0.6% 3M +7.2% 1Y +8.1%

2 member(s) purchased N/A • 11 insiders purchased $133.5M • 652 ETFs increased positions

LLY Eli Lilly and Company ⭐ CONGRESS INSIDER ETF

+ Buying Falling Stock 5D -0.6% 3M +1.5% 1Y +19.8%

18 member(s) purchased N/A • 48 insiders purchased $104.1M • 820 ETFs increased positions

DASH DoorDash, Inc. ⭐ CONGRESS INSIDER ETF

+ Buying Falling Stock 5D -12.8% 3M -16.8% 1Y -21.1%

7 member(s) purchased N/A • 11 insiders purchased $100.3M • 550 ETFs increased positions

SMCI Super Micro Computer, Inc. ⭐ CONGRESS INSIDER ETF

+ Buying Falling Stock 5D -10.2% 3M -14.2% 1Y -28.8%

3 member(s) purchased N/A • 2 insiders purchased $90.0M • 359 ETFs increased positions

V Visa Inc. ⭐ CONGRESS INSIDER ETF

+ Buying Falling Stock 5D -1.7% 3M -4.9% 1Y -9.7%

11 member(s) purchased N/A • 7 insiders purchased $84.7M • 803 ETFs increased positions

DIS The Walt Disney Company ⭐ CONGRESS INSIDER ETF

+ Buying Falling Stock 5D -1.6% 3M -1.3% 1Y -2.7%

3 member(s) purchased N/A • 26 insiders purchased $78.0M • 670 ETFs increased positions

UNP Union Pacific Corporation ⭐ CONGRESS INSIDER ETF

▲ + Buying Rising Stock 5D +3.4% 3M +19.4% 1Y +7.2%

3 member(s) purchased N/A • 34 insiders purchased $64.7M • 572 ETFs increased positions

😱 VOLATILITY & FEAR

Equity market volatility showed signs of stress this week, with the VIX climbing 22.1% to reach 21.20, placing it in elevated fear territory as investors priced in increased uncertainty around stocks. This contrasts sharply with bond market volatility, where the MOVE index declined 15.2% to 11.45, suggesting relatively calm conditions in fixed income markets. The divergence between equity and bond volatility indicators reflects a market environment where concern appears concentrated in equities while Treasury markets remain comparatively stable.

VIX

21.20

22.1% WoW

➡️

Elevated

MOVE

11.45

-15.2% WoW

📉

Low

|| Market Sutra ||

"The chart shows price; the tape shows intention."

— Apple's tape in 2020 revealed steady accumulation despite volatility.

📊 MARKET REGIME

Market breadth shows a defensive rotation with Materials, Utilities, and Consumer Staples leading at 90% or above, while growth-oriented sectors like Technology, Financials, and Communication lag significantly below 50%. The divergence between QQQ's weaker 50% breadth and the broader market's mid-60s readings reflects this shift away from mega-cap tech, though transports are showing relative strength at 79%. This positioning suggests institutional money is currently favoring traditionally defensive sectors over the growth and cyclical names that dominated recent rallies.

Sector Strength

🧱 Materials

100.0%

+1.0%

⚡ Utilities

93.5%

+6.7%

🛒 Consumer Staples

91.7%

+0.9%

⛽ Energy

90.9%

+0.2%

🏠 Real Estate

77.4%

+4.0%

🔌 Semiconductors

76.0%

+0.2%

🏭 Industrials

75.9%

+0.8%

🛍️ Consumer Discretionary

67.3%

-1.3%

🏥 Healthcare

51.7%

+0.7%

💻 Technology

45.7%

-2.7%

🏦 Financials

43.2%

-3.2%

📡 Communication

34.8%

-2.1%

📈 INDEX BREADTH

SPY

65.2%

BULLISH

QQQ

49.5%

NEUTRAL

DIA

66.7%

BULLISH

IYT

79.1%

BULLISH

💧 FED LIQUIDITY

Net Liquidity: $6.62 Trillion

↑ $16.5B WoW

As of February 11, the Fed's net liquidity stood at $6.62 trillion, increasing $16.5 billion from the prior week, with the next H.4.1 release scheduled for Thursday, February 19. This week-over-week expansion in liquidity typically corresponds with more accommodative financial conditions, as increased liquidity flowing through the system generally reduces funding stress and supports asset price stability.

📅 ECONOMIC CALENDAR Surprise Index: +2.3

Yesterday's data painted a mixed picture as the NY Empire State Manufacturing Index climbed to 7.1 versus the 3.0 estimate, marking continued recovery in regional factory activity, while the NAHB Housing Market Index disappointed at 36.0 against 41.0 expected—staying near its lowest levels since the pandemic outside of late 2022, reflecting persistent affordability pressures despite mortgage rates edging down. Today's actual housing data defied the NAHB sentiment with December housing starts surging to 1.404M versus 1.29M expected and building permits jumping 4.3% against estimates of a -3.7% decline, suggesting builders are pushing forward despite weak buyer sentiment, though traders will be watching this afternoon's FOMC minutes for any signals on the rate path given the recent string of economic beats that have pushed the Economic Surprise Index back into positive territory at +2.3. Tomorrow brings critical reads on trade flows with the goods trade balance expected to narrow to -$82.0B from -$86.0B, initial jobless claims forecast at 229K versus 227K prior, and the Philadelphia Fed Manufacturing Index anticipated to cool to 7.0 from 12.6—a deceleration that could test whether the manufacturing recovery has legs beyond the Empire State's strength.

Yesterday — Tuesday, February 17

8 events · 1 beat · 1 miss

13:30 NY Empire State Manufacturing Index (Feb) 7.1 vs 3.0 est

15:00 NAHB Housing Market Index (Feb) 36.0 vs 41.0 est

Today — Wednesday, February 18

21 events · 8 beats · 12 upcoming

12:00 MBA 30-Year Mortgage Rate (Feb/13) 6.17 vs None est

13:30 Housing Starts MoM (Dec) 6.2% vs -4.4% est

13:30 Housing Starts (Nov) 1.322M vs 1.27M est

13:30 Import Prices MoM (Jan) prev 0.3

13:30 Housing Starts (Dec) 1.404M vs 1.29M est

13:30 Housing Starts MoM (Nov) 3.9% vs 1.9% est

13:30 Export Prices MoM (Jan) prev 1.3

13:30 Housing Starts (Jan) prev 1.366

13:30 Housing Starts MoM (Jan) prev -9.8

13:30 Building Permits (Jan) prev -0.6

13:30 Building Permits (Dec) 4.3% vs -3.7% est

13:30 Building Permits (Nov) -1.6% vs -3.6% est

13:30 Durable Goods Orders MoM (Dec) -1.4% vs -3.4% est

13:30 Durable Goods Orders Ex Transp MoM (Dec) 0.9% vs 0.3% est

14:15 Industrial Production MoM (Jan) est 0.5% / prev 0.4%

15:00 NAHB Housing Market Index (Feb) prev 36.0

16:00 Atlanta Fed GDPNow (Q4) est 3.7% / prev 3.7%

18:00 Fed Bowman Speech Pending

19:00 FOMC Minutes Pending

21:00 Net Long-Term TIC Flows (Dec) prev 220.2

21:30 API Crude Oil Stock Change (Feb/13) prev 13.4

Tomorrow — Thursday, February 19

20 events · 0 high impact

13:20 Fed Bostic Speech Pending

13:30 Goods Trade Balance (Sep) prev -77.2B

13:30 Wholesale Inventories MoM (Dec) est 0.2% / prev 0.2%

13:30 Fed Bowman Speech Pending

13:30 Goods Trade Balance Adv (Dec) est -82.0B / prev -86.0B

13:30 Exports (Dec) est 289.0B / prev 292.1B

13:30 Goods Trade Balance (Dec) est -86.0B / prev -84.72B

13:30 Initial Jobless Claims (Feb/14) est 229.0K / prev 227.0K

13:30 Imports prev 348.9B

13:30 Retail Inventories Ex Autos MoM (Dec) est 0.1% / prev 0.2%

13:30 Balance of Trade (Dec) est -58.0B / prev -56.8B

13:30 Philadelphia Fed Manufacturing Index (Feb) est 7.0 / prev 12.6

13:30 Imports (Dec) est 347.0B / prev 348.9B

14:00 Fed Kashkari Speech Pending

15:00 Pending Home Sales MoM (Jan) est 6.5% / prev -9.3%

15:00 Leading Index MoM (Dec) prev -0.3%

15:00 Pending Home Sales YoY (Jan) est 2.4% / prev -3.0%

15:00 Atlanta Fed GDPNow (Q4) prev 3.7

17:00 EIA Gasoline Stocks Change (Feb/13) prev 1.16

17:00 EIA Crude Oil Stocks Change (Feb/13) prev 8.53

🏦 INSTITUTIONAL FLOW

Institutional flow data shows bifurcated positioning in mega-cap technology, with 1,228 ETFs adding Tesla exposure while 905 funds reduced Broadcom holdings, suggesting a potential rotation from semiconductor infrastructure plays toward consumer-facing tech and AI applications. The heavy activity in Palantir (890 ETFs adding) alongside mixed flows in both TSLA and AVGO indicates institutions are repositioning within the AI and enterprise software space rather than making directional sector bets.

Top Buying

TSLA Tesla, Inc. ⭐

+ Buying Falling Stock 5D -1.6% 3M +2.1% 1Y +15.4%

1228 ETFs • 0 shares

AVGO Broadcom Inc. ⭐

+ Buying Falling Stock 5D -3.3% 3M -2.2% 1Y +41.5%

1051 ETFs • 0 shares

PLTR Palantir Technologies Inc. ⭐

+ Buying Falling Stock 5D -6.9% 3M -22.7% 1Y +12.8%

890 ETFs • 0 shares

LLY Eli Lilly and Company ⭐

+ Buying Falling Stock 5D -0.6% 3M +1.5% 1Y +19.8%

820 ETFs • 0 shares

CRM Salesforce, Inc. ⭐

+ Buying Falling Stock 5D -5.0% 3M -23.2% 1Y -43.8%

813 ETFs • 0 shares

Top Selling

AVGO Broadcom Inc. ⭐

- Selling Falling Stock 5D -3.3% 3M -2.2% 1Y +41.5%

905 ETFs • 0 shares

TSLA Tesla, Inc. ⭐

- Selling Falling Stock 5D -1.6% 3M +2.1% 1Y +15.4%

702 ETFs • 0 shares

LLY Eli Lilly and Company ⭐

- Selling Falling Stock 5D -0.6% 3M +1.5% 1Y +19.8%

650 ETFs • 0 shares

V Visa Inc. ⭐

- Selling Falling Stock 5D -1.7% 3M -4.9% 1Y -9.7%

562 ETFs • 0 shares

CRM Salesforce, Inc. ⭐

- Selling Falling Stock 5D -5.0% 3M -23.2% 1Y -43.8%

533 ETFs • 0 shares

🏛️ CONGRESSIONAL TRADES

Rep. Gilbert Cisneros purchased shares in three European financial institutions—MHVIY (Muenchener Rueckversicherungs), SAN (Banco Santander), and HESAY (Hermes International)—while Rep. Michael McCaul sold semiconductor equipment maker ASML and Sen. John Boozman reduced positions in fintech company FISV and growth ETF IVW. The transactions show mixed activity, with one member adding international exposure while others trimmed technology and growth-oriented holdings.

Top Buying