The Edge

🐷 PIG ROAST

💬 Word on the Street

While Rep. David Taylor quietly added Parker-Hannifin Corporation (PH) to his portfolio and insiders at Wheeler Real Estate Investment Trust (WHLR) unloaded $31.54 billion in stock, the real fireworks happened after the bell—where a trio of beaten-down names staged double-digit rips that have nothing to do with fundamentals and everything to do with momentum-chasing algos feasting on scraps. The VIX cooled 1.5% to 26.8 as smart money logged $4.78 trillion in net inflows, but the action in optics darlings and semiconductor comebacks tells a wilder story than the aggregate flows suggest. Here's what smart money is doing today.

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.

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

▲ + 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

Deflation

Prices actually falling. Sounds great until companies stop making money and fire everyone.

Equity market fear remains elevated with the VIX at 26.78, though it declined 1.5% over the past week from even higher levels, indicating that investors continue to price in significant uncertainty for stocks. In contrast, bond market volatility as measured by the MOVE index sits at just 13.32 after falling 7.7% week-over-week, suggesting Treasury traders see relatively calm conditions ahead for fixed income. This divergence between elevated equity volatility and subdued bond volatility reflects a market where stock investors remain on edge while bond markets have stabilized considerably.

|| Market Sutra ||

"Rotation is the market's way of breathing."

— 2021 saw money flow from tech into cyclicals as yields shifted

Market breadth remains narrow with only one-third of stocks in the S&P 500 and Nasdaq 100 trading above their moving averages, while defensive sectors show unusual strength with Energy and Utilities leading at over 90% breadth. The significant underperformance in traditionally growth-oriented areas like Semiconductors at 21% and weakness in Transports at just 9% breadth contrasts sharply with the defensive sector leadership, suggesting investors are rotating toward more stable cash-flowing businesses. This divergence between defensive sector strength and weakness in cyclical growth areas indicates a risk-off positioning despite headline index levels.

As of March 18, Fed net liquidity stands at $6.66 trillion, up $9.6 billion week-over-week, indicating a modest expansion in system liquidity that historically correlates with supportive conditions for risk assets. The next H.4.1 release drops Thursday, March 26, which will show whether this liquidity injection continues or reverses.

Yesterday's Chicago Fed National Activity Index dropped to -0.11, missing estimates of 0.27 by 38 basis points and reversing from February's 0.2 reading, while the Atlanta Fed's GDPNow model cut its Q1 GDP forecast from 2.3% to 2.0%, marking a downward revision that suggests economic momentum is slowing more than consensus anticipated. Today's flash PMI data takes center stage, with services expected to decline to 50.4 from 51.7 and manufacturing forecast at 50.2 versus 51.6 prior, putting both indexes dangerously close to the 50 threshold that separates expansion from contraction—a level that would mark the weakest manufacturing reading since October 2023 if realized. Tomorrow's import price data (estimated up 0.5% versus 0.2% prior) will test whether inflationary pressures are re-accelerating through the supply chain, while oil inventory figures continue to signal demand trends after last week's surprise 6.2 million barrel crude build that rattled energy markets.

Large institutional money shows mixed positioning in mega-cap technology, with 2,233 ETFs adding Microsoft exposure while 1,663 simultaneously reduced it, and similar split flows in Broadcom (1,999 adding vs 1,507 removing). The data reveals balanced institutional sentiment across software, payments, and semiconductor names, suggesting sector rotation within technology rather than broad directional conviction.

MSFT Microsoft Corporation ⭐

+ Buying Falling Stock 5D -4.3% 3M -20.9% 1Y -0.5%

2233 ETFs • 0 shares

MU Micron Technology, Inc. ⭐

▲ + Buying Rising Stock 5D -8.5% 3M +62.7% 1Y +293.7%

2087 ETFs • 0 shares

AVGO Broadcom Inc. ⭐

+ Buying Falling Stock 5D -0.5% 3M -2.0% 1Y +70.0%

1999 ETFs • 0 shares

JNJ Johnson & Johnson ⭐

▲ + Buying Rising Stock 5D -3.2% 3M +13.0% 1Y +47.6%

1854 ETFs • 0 shares

IBM International Business Machines Corporation ⭐

+ Buying Falling Stock 5D -0.3% 3M -17.3% 1Y +4.1%

1796 ETFs • 0 shares

MSFT Microsoft Corporation ⭐

- Selling Falling Stock 5D -4.3% 3M -20.9% 1Y -0.5%

1663 ETFs • 0 shares

V Visa Inc. ⭐

- Selling Falling Stock 5D -1.8% 3M -12.0% 1Y -9.8%

1513 ETFs • 0 shares

AVGO Broadcom Inc. ⭐

- Selling Falling Stock 5D -0.5% 3M -2.0% 1Y +70.0%

1507 ETFs • 0 shares

MU Micron Technology, Inc. ⭐

▲ - Selling Rising Stock 5D -8.5% 3M +62.7% 1Y +293.7%

1448 ETFs • 0 shares

CRM Salesforce, Inc. ⭐

- Selling Falling Stock 5D -1.5% 3M -24.3% 1Y -29.6%

1385 ETFs • 0 shares

Rep. David Taylor recently purchased shares of Parker-Hannifin (PH), Installed Building Products (IBP), and Home Depot (HD), while selling positions in Chevron (CVX) and Marathon Petroleum (MPC). The Representative's transactions indicate a rotation out of energy sector holdings into industrial and home improvement retail stocks.

PH Parker-Hannifin Corporation ⭐ CONGRESS

+ Buying Falling Stock 5D +1.3% 3M +4.4% 1Y +46.1%

Rep. David Taylor (David Taylor) • $1,001 - $15,000

IBP Installed Building Products, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D -7.2% 3M +0.9% 1Y +53.6%

Rep. David Taylor (David Taylor) • $1,001 - $15,000

HD The Home Depot, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D -3.4% 3M -6.8% 1Y -5.2%

Rep. David Taylor (David Taylor) • $1,001 - $15,000

LRCX Lam Research Corporation ⭐ CONGRESS

+ Buying Falling Stock 5D +6.3% 3M +41.7% 1Y +202.7%

Rep. David Taylor (David Taylor) • $1,001 - $15,000

MSFT Microsoft Corporation ⭐ CONGRESS

+ Buying Falling Stock 5D -4.3% 3M -20.9% 1Y -0.5%

Rep. Cleo Fields (Cleo Fields) • $1,001 - $15,000

CVX Chevron Corporation ⭐ CONGRESS

▲ - Selling Rising Stock 5D +4.2% 3M +39.0% 1Y +28.9%

Rep. David Taylor (David Taylor) • $1,001 - $15,000

MPC Marathon Petroleum Corporation ⭐ CONGRESS

▲ - Selling Rising Stock 5D +1.6% 3M +38.4% 1Y +55.6%

Rep. David Taylor (David Taylor) • $1,001 - $15,000

MPC Marathon Petroleum Corporation ⭐ CONGRESS

▲ - Selling Rising Stock 5D +1.6% 3M +38.4% 1Y +55.6%

Rep. David Taylor (David Taylor) • $1,001 - $15,000

CVX Chevron Corporation ⭐ CONGRESS

▲ - Selling Rising Stock 5D +4.2% 3M +39.0% 1Y +28.9%

Rep. David Taylor (David Taylor) • $1,001 - $15,000

VZ Verizon Communications Inc. ⭐ CONGRESS

▲ - Selling Rising Stock 5D -0.7% 3M +25.2% 1Y +21.5%

Rep. Pete Sessions (Pete Sessions) • $1,001 - $15,000

Recent insider activity shows notable cluster patterns with 8 insiders acquiring positions in SNDA, while FANG saw 13 insiders reducing their stakes for $2.2B in aggregate proceeds. On the distribution side, WHLR recorded $31.5B in insider sales across 3 executives, and MDLN had 5 insiders sell positions totaling $2.2B.

REEMF Rare Element Resources Ltd. ⭐ INSIDER

+ Buying Falling Stock 5D +13.7% 3M -2.9% 1Y +21.9%

2 insiders • $4814320.4B

SVRE SaverOne 2014 Ltd ⭐ INSIDER

+ Buying Falling Stock 5D +13.6% 3M +74.7% 1Y -92.2%

2 insiders • $919.0M

SNDA Sonida Senior Living, Inc. ⭐ INSIDER

▲ + Buying Rising Stock 5D -12.4% 3M -3.8% 1Y +33.7%

8 insiders • $142.6M

CPNG Coupang, Inc. ⭐ INSIDER

+ Buying Falling Stock 5D -5.5% 3M -14.8% 1Y -17.1%

3 insiders • $136.6M

ALKT Alkami Technology, Inc. ⭐ INSIDER

+ Buying Falling Stock 5D -3.7% 3M -24.4% 1Y -35.4%

7 insiders • $90.3M

WHLR Wheeler Real Estate Investment Trust, Inc. ⭐ INSIDER

- Selling Falling Stock 5D -14.5% 3M -54.1% 1Y -99.7%

3 insiders • $31535.8B

MDLN Medline Inc. ⭐ INSIDER

- Selling Falling Stock 5D +1.8% 3M +7.5%

5 insiders • $2.2B

FANG Diamondback Energy, Inc. ⭐ INSIDER

▲ - Selling Rising Stock 5D +5.2% 3M +30.5% 1Y +23.6%

13 insiders • $2.2B

CRC California Resources Corporation ⭐ INSIDER

▲ - Selling Rising Stock 5D +1.4% 3M +44.7% 1Y +47.5%

2 insiders • $215.4M

RELY Remitly Global, Inc. ⭐ INSIDER

▲ - Selling Rising Stock 5D +6.3% 3M +11.7% 1Y -21.2%

3 insiders • $192.0M

218 stocks report earnings today, with accumulation signals appearing in INPP.JK and VAPORES.SN ahead of their releases, indicating recent institutional buying activity. Distribution patterns have emerged in TLKM.JK and MTEL.JK, where smart money has reduced positions going into today's earnings reports.

📊 Previous Earnings — March 23, 2026

202 reported • ✅ 6 beats • ❌ 19 misses

SZGPF Salzgitter AG ⭐ MISS -19.4%

50

+ Buying Falling Stock

EPS: $0.24 vs $0.24 est (-0.3%)

6181.HK Laopu Gold Co., Ltd. ⭐ MET -13.8%

50

▲ + Buying Rising Stock

EPS: $16.34 vs $16.34 est

DRVN Driven Brands Holdings Inc. ⭐ BEAT +11.7%

30

+ Buying Falling Stock

EPS: $0.30 vs $0.28 est (+6.1%)

0081.HK China Overseas Grand Oceans Group Limited ⭐ MISS -11.3%

50

▲ + Buying Rising Stock

EPS: $0.01 vs $0.22 est (-97.1%)

0425.HK Minth Group Limited ⭐ MISS -10.5%

50

▲ + Buying Rising Stock

EPS: $1.32 vs $1.34 est (-1.5%)

MNTHF Minth Group Limited ⭐ MISS -10.0%

50

▲ + Buying Rising Stock

EPS: $0.17 vs $0.17 est (-0.9%)

0683.HK Kerry Properties Limited ⭐ MISS -8.7%

50

▲ + Buying Rising Stock

EPS: $0.23 vs $0.85 est (-73.5%)

0710.HK BOE Varitronix Limited ⭐ MET -8.0%

50

▲ + Buying Rising Stock

EPS: $0.27 vs $0.27 est

002050.SZ Zhejiang Sanhua Intelligent Controls Co.,Ltd ⭐ MISS -7.9%

50

▲ + Buying Rising Stock

EPS: $0.27 vs $0.28 est (-2.1%)

2268.HK WuXi XDC Cayman Inc ⭐ MET -6.6%

50

▲ + Buying Rising Stock

EPS: $0.69 vs $0.69 est

🎯 Reporting Today — March 24, 2026

218 reporting • Smart Money: 29 acc • 55 dist • 134 neut

INPP.JK PT Indonesian Paradise Property Tbk ⭐

70

▲ + Buying Rising Stock

EPS: $-44.04 vs $0.00 est

VAPORES.SN Compañía Sud Americana de Vapores S.A. ⭐

70

▲ + Buying Rising Stock

BOCN.VI Bank of China Limited ⭐

70

▲ + Buying Rising Stock

DLMAF Dollarama Inc. ⭐

70

▲ + Buying Rising Stock

CADLR.OL Cadeler A/S ⭐

70

▲ + Buying Rising Stock

EQPA5.SA Equatorial Pará Distribuidora de Energia S.A. ⭐

70

▲ + Buying Rising Stock

WHGRF WH Group Limited ⭐

70

▲ + Buying Rising Stock

HUNGF Huaneng Power International, Inc. ⭐

70

▲ + Buying Rising Stock

EQPA3.SA Equatorial Pará Distribuidora de Energia S.A. ⭐

70

▲ + Buying Rising Stock

GOLL54.SA Gol Linhas Aéreas Inteligentes S.A. ⭐

70

▲ + Buying Rising Stock

ZLIOF Zoomlion Heavy Industry Science and Technology Co., Ltd. ⭐

70

▲ + Buying Rising Stock

EQUEY Equatorial Energia S.A. ⭐

70

▲ + Buying Rising Stock

CEVMF CTS Eventim AG & Co. KGaA ⭐

70

▲ + Buying Rising Stock

SIMH3.SA Simpar S.a. ⭐

70

▲ + Buying Rising Stock

JTKWY Just Eat Takeaway.com N.V. ⭐

70

▲ + Buying Rising Stock

Smart money positioning reveals a complex picture of rotation rather than directional conviction. Large institutional flows show divided sentiment in mega-cap technology, with 2,233 ETFs adding Microsoft exposure while 1,663 simultaneously reduced it, and similar split activity in Broadcom where 1,999 funds added shares versus 1,507 removing positions. Rep. David Taylor's recent transactions signal a shift out of energy, selling positions in Chevron (CVX) and Marathon Petroleum (MPC) while purchasing shares of Parker-Hannifin (PH), Installed Building Products (IBP), and Home Depot (HD). Insider activity shows pronounced clustering, with 8 insiders acquiring positions in SNDA, while FANG experienced 13 insiders reducing stakes for $2.2 billion in aggregate proceeds. The most dramatic insider distribution appeared in WHLR with $31.5 billion in sales across 3 executives, and MDLN saw 5 insiders sell positions totaling $2.2 billion. Accumulation signals emerged in 30 stocks today, led by Citigroup (C), The Trade Desk (TTD), and Emerson Electric (EMR), while distribution signals registered at zero. Market structure indicates pronounced risk-off positioning despite headline index stability. The VIX remains elevated at 26.78, down only 1.5% over the past week from even higher levels, while bond market volatility as measured by the MOVE index sits at just 13.32 after falling 7.7% week-over-week—a divergence that shows stock investors pricing significant uncertainty while Treasury traders see calm conditions ahead. Market breadth tells a defensive story, with only one-third of stocks in the S&P 500 and Nasdaq 100 trading above their moving averages, yet Energy and Utilities show unusual strength with over 90% breadth. The weakness in cyclical growth areas is striking, with Semiconductors at just 21% breadth and Transports at a mere 9%, contrasting sharply with defensive sector leadership and confirming investors are rotating toward stable cash-flowing businesses. SPY strength registers at just 32.8%, underscoring the narrow character of this market environment. Today's flash PMI data takes center stage with services expected to decline to 50.4 from 51.7 and manufacturing forecast at 50.2 versus 51.6 prior, putting both indexes dangerously close to the 50 threshold separating expansion from contraction. If realized, the manufacturing reading would mark the weakest level since October 2023, following yesterday's Chicago Fed National Activity Index drop to -0.11 that missed estimates of 0.27 by 38 basis points, and the Atlanta Fed's GDPNow model cutting its Q1 GDP forecast from 2.3% to 2.0%. Tomorrow's import price data estimated up 0.5% versus 0.2% prior will test whether inflationary pressures are re-accelerating through the supply chain. With 218 stocks reporting earnings today, accumulation signals appearing in INPP.JK and VAPORES.SN ahead of their releases

Key themes: Watch convergence signals closely. Stocks where insiders, institutions, and politicians agree tend to show stronger directional moves.