The Edge

🐷 PIG ROAST

💬 Word on the Street

While the VIX spiked 11.2% to 26.1 and insiders at Wheeler Real Estate Investment Trust (WHLR) dumped $31.4 billion in stock, Rep. David Taylor quietly added RPM International Inc. (RPM) shares worth up to $15,000—and after hours, Applied Optoelectronics Inc. (AAOI) rocketed 19% to $114 on hyperscale data center orders while BNP analysts called for Lumentum Holdings Inc. (LMTR) to hit $1,000 (up 1,100% in a year). The smart money flow today showed a staggering $31.4 trillion net outflow, but certain corners of the AI and data center universe saw cash flooding in like it's 1999 all over again. 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

Core PCE

Jerome’s favorite inflation number. Strips out food and energy because apparently nobody eats or drives.

Market volatility indicators are presenting a mixed picture, with the VIX equity fear gauge climbing 11.2% week-over-week to 26.15, placing it in high fear territory typically associated with heightened uncertainty in stock markets. In contrast, the MOVE index measuring bond market volatility declined 8.0% to 13.65, indicating relatively calm conditions in fixed income markets. This divergence suggests investors are pricing in considerably more risk and potential price swings in equities compared to bonds, a dynamic that often emerges when equity-specific concerns outweigh broader systemic or interest rate anxieties.

|| Market Sutra ||

"The best trades are obvious only in hindsight."

— Buying Nvidia in 2019 looked uncertain—now it looks genius

Market breadth remains constrained across major indices, with roughly one-third of SPY and QQQ components advancing while the Dow Jones and Transportation Index show similar or weaker participation. A notable divergence has emerged between defensive sectors like Energy and Utilities, which are advancing in over 90% of their constituents, and growth-oriented areas including Consumer Discretionary and Semiconductors, where fewer than one in four stocks are participating in gains. This defensive sector leadership combined with narrow overall breadth suggests investors are rotating toward traditionally stable areas of the market while avoiding more cyclical and technology-related exposures.

Fed net liquidity stood at $6.66 trillion as of March 18, up $9.6 billion from the prior week, indicating a continued expansion in system liquidity that has historically correlated with supportive market conditions. The next H.4.1 release drops Thursday, March 26, which will show whether this liquidity expansion accelerates, stabilizes, or reverses.

Yesterday's PMI data painted a mixed picture as manufacturing unexpectedly strengthened to 52.4 (versus 51.3 expected), marking its highest reading since September 2022, while services slipped to 51.1 from 51.7, though the composite index still beat estimates at 51.4 versus 50.5 expected—keeping the economy in expansion territory above 50 for the sixth consecutive month. Crude oil inventories rose 2.3 million barrels according to API data, a sharp reversal from the expected 1.3 million barrel draw, which could pressure energy prices if confirmed by today's official EIA report that estimates a more modest 0.5 million barrel build. Markets will focus on this morning's import price data (expected up 0.5% versus 0.2% prior) for fresh inflation signals, while tomorrow's initial jobless claims forecast at 210,000 versus last week's 205,000 will test whether the labor market remains as tight as recent sub-211,000 readings suggest, with three Fed speakers including Vice Chair Barr potentially addressing the inflation-employment balance ahead of the May policy meeting.

Institutional flows show mixed positioning in semiconductor names, with 2,087 ETFs adding Micron and 1,999 adding Broadcom even as 1,507 and 1,448 ETFs respectively reduced those same positions, suggesting active rebalancing within the chip sector. Defensive healthcare exposure increased as 1,854 ETFs added Johnson & Johnson, while payment processor Visa saw net reduction with 1,513 ETFs trimming positions.

MU Micron Technology, Inc. ⭐

▲ + Buying Rising Stock 5D -14.3% 3M +48.7% 1Y +318.8%

2087 ETFs • 0 shares

AVGO Broadcom Inc. ⭐

+ Buying Falling Stock 5D -0.7% 3M -6.5% 1Y +66.8%

1999 ETFs • 0 shares

JNJ Johnson & Johnson ⭐

▲ + Buying Rising Stock 5D -1.2% 3M +14.0% 1Y +46.9%

1854 ETFs • 0 shares

META Meta Platforms, Inc. ⭐

+ Buying Falling Stock 5D -4.8% 3M -10.0% 1Y -0.3%

1835 ETFs • 0 shares

IBM International Business Machines Corporation ⭐

+ Buying Falling Stock 5D -6.0% 3M -20.1% 1Y +0.6%

1796 ETFs • 0 shares

V Visa Inc. ⭐

- Selling Falling Stock 5D -1.5% 3M -13.0% 1Y -9.0%

1513 ETFs • 0 shares

AVGO Broadcom Inc. ⭐

- Selling Falling Stock 5D -0.7% 3M -6.5% 1Y +66.8%

1507 ETFs • 0 shares

MU Micron Technology, Inc. ⭐

▲ - Selling Rising Stock 5D -14.3% 3M +48.7% 1Y +318.8%

1448 ETFs • 0 shares

META Meta Platforms, Inc. ⭐

- Selling Falling Stock 5D -4.8% 3M -10.0% 1Y -0.3%

1388 ETFs • 0 shares

JNJ Johnson & Johnson ⭐

▲ - Selling Rising Stock 5D -1.2% 3M +14.0% 1Y +46.9%

1280 ETFs • 0 shares

Rep. David Taylor executed multiple transactions, purchasing shares of RPM International (RPM), Lam Research (LRCX), and Home Depot (HD) while divesting energy sector holdings with two separate sales of Chevron (CVX) and one sale of Marathon Petroleum (MPC). The trading pattern indicates a rotation out of oil and gas equities into positions spanning specialty chemicals, semiconductor equipment manufacturing, and home improvement retail.

RPM RPM International Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D -4.9% 3M -8.4% 1Y -14.5%

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

LRCX Lam Research Corporation ⭐ CONGRESS

+ Buying Falling Stock 5D +5.5% 3M +38.6% 1Y +216.9%

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

HD The Home Depot, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D -3.1% 3M -4.1% 1Y -4.0%

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

MSFT Microsoft Corporation ⭐ CONGRESS

+ Buying Falling Stock 5D -6.7% 3M -23.3% 1Y -4.2%

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

IBP Installed Building Products, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D -6.4% 3M +0.2% 1Y +56.2%

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

CVX Chevron Corporation ⭐ CONGRESS

▲ - Selling Rising Stock 5D +4.5% 3M +40.0% 1Y +29.9%

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

MPC Marathon Petroleum Corporation ⭐ CONGRESS

▲ - Selling Rising Stock 5D +4.6% 3M +45.0% 1Y +65.4%

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

CVX Chevron Corporation ⭐ CONGRESS

▲ - Selling Rising Stock 5D +4.5% 3M +40.0% 1Y +29.9%

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

MPC Marathon Petroleum Corporation ⭐ CONGRESS

▲ - Selling Rising Stock 5D +4.6% 3M +45.0% 1Y +65.4%

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

VZ Verizon Communications Inc. ⭐ CONGRESS

▲ - Selling Rising Stock 5D +0.8% 3M +27.9% 1Y +21.6%

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

Recent insider activity shows clustered transactions at several companies, with 42 insiders at META recording purchases or awards, while 10 insiders at GRDN collectively sold $419.3M in shares. Additional coordinated activity includes 9 insiders at FANG disposing of $2.2B in holdings and 8 insiders at SNDA adding positions, resulting in balanced 15-15 accumulation versus distribution signals across tracked companies.

META Meta Platforms, Inc. ⭐ INSIDER

+ Buying Falling Stock 5D -4.8% 3M -10.0% 1Y -0.3%

42 insiders • $8.4B

SVRE SaverOne 2014 Ltd ⭐ INSIDER

+ Buying Falling Stock 5D +0.3% 3M +83.2% 1Y -92.2%

2 insiders • $919.0M

SNDA Sonida Senior Living, Inc. ⭐ INSIDER

▲ + Buying Rising Stock 5D -13.0% 3M -4.2% 1Y +34.4%

8 insiders • $142.6M

CPNG Coupang, Inc. ⭐ INSIDER

+ Buying Falling Stock 5D -10.9% 3M -20.1% 1Y -20.6%

3 insiders • $136.6M

CRM Salesforce, Inc. ⭐ INSIDER

+ Buying Falling Stock 5D -6.3% 3M -29.6% 1Y -34.4%

8 insiders • $132.9M

WHLR Wheeler Real Estate Investment Trust, Inc. ⭐ INSIDER

- Selling Falling Stock 5D -14.5% 3M -50.8% 1Y -99.7%

2 insiders • $31449.6B

FANG Diamondback Energy, Inc. ⭐ INSIDER

▲ - Selling Rising Stock 5D +5.3% 3M +33.0% 1Y +27.0%

9 insiders • $2.2B

GRDN Guardian Pharmacy Services, Inc. ⭐ INSIDER

▲ - Selling Rising Stock 5D +10.1% 3M +19.0% 1Y +75.8%

10 insiders • $419.3M

DELL Dell Technologies Inc. ⭐ INSIDER

▲ - Selling Rising Stock 5D +15.7% 3M +40.0% 1Y +84.0%

195 insiders • $406.4M

CRC California Resources Corporation ⭐ INSIDER

▲ - Selling Rising Stock 5D +2.1% 3M +49.8% 1Y +53.1%

2 insiders • $215.4M

Today's earnings calendar features 256 companies reporting, with BNBR.JK and INDY.JK showing recent accumulation by institutional holders ahead of results, while TLKM.JK and ICBP.JK have experienced distribution activity. Yesterday saw significant declines in ELE, CNXC, and BWY.L following their reports. No companies are scheduled to report tomorrow.

📊 Previous Earnings — March 24, 2026

235 reported • ✅ 21 beats • ❌ 29 misses

ELE Elemental Royalty Corporation Common Stock ⭐ BEAT -20.7%

70

▲ + Buying Rising Stock

EPS: $0.10 vs $0.10 est (+3.4%)

CNXC Concentrix Corporation ⭐ MISS -19.5%

30

+ Buying Falling Stock

EPS: $0.35 vs $2.65 est (-86.7%)

BWY.L Bellway p.l.c. ⭐ MISS -18.0%

30

+ Buying Falling Stock

EPS: $0.91 vs $0.95 est (-4.2%)

HSAI Hesai Group ⭐ MISS -17.6%

30

+ Buying Falling Stock

EPS: $0.13 vs $0.61 est (-78.9%)

DRVN Driven Brands Holdings Inc. ⭐ BEAT +15.9%

30

+ Buying Falling Stock

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

IFCN.SW INFICON Holding AG ⭐ MET -13.7%

50

+ Buying Falling Stock

EPS: $1.37 vs $1.37 est

0QK5.L INFICON Holding AG ⭐ MET -13.6%

50

▲ + Buying Rising Stock

EPS: $1.37 vs $1.37 est

DLMAF Dollarama Inc. ⭐ MISS -13.5%

70

▲ + Buying Rising Stock

EPS: $1.05 vs $1.41 est (-25.5%)

3289.TWO Integrated Service Technology Inc. ⭐ MISS +13.3%

50

▲ + Buying Rising Stock

EPS: $0.61 vs $1.56 est (-61.2%)

600096.SS Yunnan Yuntianhua Co., Ltd. ⭐ BEAT -11.9%

50

▲ + Buying Rising Stock

EPS: $0.23 vs $0.23 est (+1.9%)

🎯 Reporting Today — March 25, 2026

256 reporting • Smart Money: 38 acc • 68 dist • 150 neut

BNBR.JK PT Bakrie & Brothers Tbk ⭐

70

▲ + Buying Rising Stock

EPS: $2.78 vs $0.00 est

INDY.JK PT. Indika Energy Tbk ⭐

70

▲ + Buying Rising Stock

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

70

▲ + Buying Rising Stock

HARL.TA Harel Insurance Investments & Financial Services Ltd ⭐

70

▲ + Buying Rising Stock

CZG.PR Colt CZ Group SE ⭐

70

▲ + Buying Rising Stock

DLEKG.TA Delek Group Ltd. ⭐

70

▲ + Buying Rising Stock

STRS.TA Strauss Group Ltd. ⭐

70

▲ + Buying Rising Stock

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

70

▲ + Buying Rising Stock

KRMN Karman Holdings Inc. ⭐

70

▲ + Buying Rising Stock

SAE.TA Shufersal Ltd ⭐

70

▲ + Buying Rising Stock

CHOLF China Oilfield Services Limited ⭐

70

▲ + Buying Rising Stock

PBMRY PT Bumi Resources Tbk ⭐

70

▲ + Buying Rising Stock

CEVMF CTS Eventim AG & Co. KGaA ⭐

70

▲ + Buying Rising Stock

SHKLY Sinotruk (Hong Kong) Limited ⭐

70

▲ + Buying Rising Stock

DLKGF Delek Group Ltd. ⭐

70

▲ + Buying Rising Stock

Smart money positioning reveals a defensive tilt beneath the surface as institutional and political capital migrates away from higher-beta exposures. META attracted clustered insider activity with 42 insiders recording purchases or awards, generating accumulation signals alongside Citigroup (C) and Emerson Electric (EMR) in a day that produced 30 accumulation signals against zero distribution warnings. Yet this apparent confidence contrasts with meaningful exits elsewhere, as 10 insiders at Garden (GRDN) collectively liquidated $419.3M in shares and 9 insiders at Diamondback Energy (FANG) disposed of $2.2B in holdings. Rep. David Taylor's trading pattern underscores the rotation thesis, exiting energy positions with two separate sales of Chevron (CVX) and one sale of Marathon Petroleum (MPC) while establishing positions in RPM International (RPM), Lam Research (LRCX), and Home Depot (HD). Institutional flows show similar indecision in semiconductors, with 2,087 ETFs adding Micron even as 1,507 trimmed the same position, suggesting active rebalancing rather than conviction, while 1,854 ETFs added defensive healthcare exposure through Johnson & Johnson and 1,513 reduced payment processor Visa. Market conditions reflect growing bifurcation as fear concentrates in equities while bond markets remain remarkably composed. The VIX equity fear gauge surged 11.2% week-over-week to 26.15, placing volatility in high fear territory, yet the MOVE index measuring bond market volatility declined 8.0% to 13.65, a divergence indicating equity-specific rather than systemic concerns. This shows up vividly in sector performance, where defensive Energy and Utilities are advancing in over 90% of their constituents while growth-oriented Consumer Discretionary and Semiconductors see fewer than one in four stocks participating in gains. Overall market breadth remains constrained at roughly one-third of SPY and QQQ components advancing, with SPY strength registering just 32.8%, confirming that traditional defensive leadership is dominating as investors abandon cyclical and technology exposures despite yesterday's manufacturing PMI reaching 52.4, its highest reading since September 2022. The immediate catalysts center on inflation pressures and labor market resilience testing the narrow path forward. This morning's import price data expected up 0.5% versus 0.2% prior arrives as crude oil inventories rose 2.3 million barrels according to API data, a sharp reversal from the expected 1.3 million barrel draw that could pressure energy prices if today's official EIA report confirms even its more modest 0.5 million barrel build estimate. Tomorrow's initial jobless claims forecast at 210,000 versus last week's 205,000 will test whether the labor market tightness that has kept services inflation elevated is finally easing, particularly important as three Fed speakers including Vice Chair Barr address the inflation-employment balance ahead of the May policy meeting. With 256 companies reporting earnings today including BNBR.JK and INDY.JK where institutions have been accumulating ahead

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