The Edge

🐷 PIG ROAST

💬 Word on the Street

While Rep. Tim Moore purchased Cracker Barrel Old Country Store (CBRL) worth up to $50,000 and the Fed pumped $9.6 billion into markets, insiders at Wheeler Real Estate Investment Trust (WHLR) offloaded a staggering $31.4 trillion—yes, trillion with a T—creating a $31.4 trillion net outflow that makes today's smart money flow look like a fire sale in reverse. The VIX spiked 20.5% to 26.9 as space stocks like Rocket Lab USA (RKLB) and AST SpaceMobile (ASTS) jumped over 10% after hours on NASA moon base rumors, while Arm Holdings (ARM) surged 16.4% betting everything on AI chip perfection. Here's what smart money actually did with their dollars 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

CPI

The inflation number your mom actually feels when she buys eggs and screams.

Equity volatility surged into high-fear territory this week, with the VIX climbing 20.5% to reach 26.95, signaling heightened concern in stock markets. In contrast, bond market volatility told a different story, as the MOVE index declined 4.9% to a relatively calm 14.35, suggesting fixed income traders remained composed even as equity investors grew more anxious. This divergence between equity and bond volatility indicates uncertainty may be concentrated in stocks rather than reflecting broader systemic financial stress.

|| Market Sutra ||

"Patience compounds; impatience liquidates."

— Day traders in 2020–2021 lost more with overtrading than with bad ideas

Market breadth remains narrow with only one-third of stocks participating in the advance across major indices, while the transportation sector shows particularly weak internals at just 9% of components trading positively. Defensive sectors like Energy and Utilities are exhibiting the strongest relative performance above 90%, while growth-oriented areas including Consumer Discretionary, Semiconductors, and Financials are experiencing notably weaker participation rates. This divergence between defensive sector strength and growth sector weakness, combined with limited overall breadth, indicates a risk-off positioning across the market.

As of March 18, Fed net liquidity stands at $6.66 trillion, up $9.6 billion from the prior week, indicating a modest expansion in system-wide liquidity conditions that historically correlates with supportive market environments. The next H.4.1 Federal Reserve balance sheet report releases Thursday, March 26, which will show whether this liquidity expansion continues or reverses.

Yesterday's import and export price data delivered substantial upside surprises that bolster the reflation narrative, with import prices jumping 1.3% versus the 0.5% estimate and export prices surging 1.5% against a 0.5% forecast—both more than double expectations and accelerating from February's 0.6% readings, suggesting tariff and dollar dynamics are feeding through more aggressively than economists anticipated. Crude oil inventories built by 6.9 million barrels against expectations for just a 0.5 million barrel increase, marking a second consecutive week of substantial builds totaling over 13 million barrels and pressuring energy prices even as gasoline stocks drew down 2.6 million barrels. Today's initial jobless claims (estimated 210K versus last week's 205K) and tomorrow's Michigan Consumer Sentiment reading—forecast at 54.0, which would mark the lowest level since mid-2022 and down sharply from February's 56.6—will test whether labor market resilience can offset what appears to be a sharp deterioration in consumer confidence amid renewed trade policy uncertainty.

Financial institutions displayed mixed positioning in Q4, with technology and healthcare names drawing both significant additions and reductions—AVGO appeared among the most added (1,999 ETFs) and most reduced (1,507 ETFs), while META saw similar two-way flow (1,835 adds, 1,388 removes). The data suggests active rebalancing rather than clear directional rotation, as equal numbers of ETFs added and removed positions overall, though JNJ's healthcare exposure attracted net institutional buying while V's payment processing saw net distribution.

AVGO Broadcom Inc. ⭐

+ Buying Falling Stock 5D +1.1% 3M -6.6% 1Y +67.4%

1999 ETFs • 0 shares

JNJ Johnson & Johnson ⭐

▲ + Buying Rising Stock 5D +1.1% 3M +15.8% 1Y +50.3%

1854 ETFs • 0 shares

META Meta Platforms, Inc. ⭐

+ Buying Falling Stock 5D -3.4% 3M -10.1% 1Y -3.6%

1835 ETFs • 0 shares

IBM International Business Machines Corporation ⭐

+ Buying Falling Stock 5D -4.0% 3M -20.3% 1Y -1.0%

1796 ETFs • 0 shares

NFLX Netflix, Inc. ⭐

▲ + Buying Rising Stock 5D -2.6% 3M -1.0% 1Y -5.1%

1747 ETFs • 0 shares

V Visa Inc. ⭐

- Selling Falling Stock 5D +2.0% 3M -13.3% 1Y -10.8%

1513 ETFs • 0 shares

AVGO Broadcom Inc. ⭐

- Selling Falling Stock 5D +1.1% 3M -6.6% 1Y +67.4%

1507 ETFs • 0 shares

META Meta Platforms, Inc. ⭐

- Selling Falling Stock 5D -3.4% 3M -10.1% 1Y -3.6%

1388 ETFs • 0 shares

JNJ Johnson & Johnson ⭐

▲ - Selling Rising Stock 5D +1.1% 3M +15.8% 1Y +50.3%

1280 ETFs • 0 shares

CSCO Cisco Systems, Inc. ⭐

- Selling Falling Stock 5D +5.5% 3M +5.3% 1Y +36.7%

1261 ETFs • 0 shares

Rep. Tim Moore purchased shares of CBRL and multiple positions in LGIH, while divesting from DNUT during the reporting period. Rep. David Taylor reduced his CVX holdings through multiple sales, indicating congressional activity concentrated in consumer discretionary and energy sectors.

CBRL Cracker Barrel Old Country Store, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D +0.4% 3M +7.1% 1Y -30.9%

Rep. Tim Moore (Tim Moore) • $15,001 - $50,000

LGIH LGI Homes, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D +2.9% 3M -9.0% 1Y -45.8%

Rep. Tim Moore (Tim Moore) • $15,001 - $50,000

LGIH LGI Homes, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D +2.9% 3M -9.0% 1Y -45.8%

Rep. Tim Moore (Tim Moore) • $50,001 - $100,000

LGIH LGI Homes, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D +2.9% 3M -9.0% 1Y -45.8%

Rep. Tim Moore (Tim Moore) • $15,001 - $50,000

HD The Home Depot, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D +0.5% 3M -4.0% 1Y -6.9%

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

DNUT Krispy Kreme, Inc. ⭐ CONGRESS

▲ - Selling Rising Stock 5D -7.7% 3M -23.3% 1Y -39.5%

Rep. Tim Moore (Tim Moore) • $15,001 - $50,000

CVX Chevron Corporation ⭐ CONGRESS

▲ - Selling Rising Stock 5D +3.3% 3M +37.0% 1Y +28.7%

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

CVX Chevron Corporation ⭐ CONGRESS

▲ - Selling Rising Stock 5D +3.3% 3M +37.0% 1Y +28.7%

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

MPC Marathon Petroleum Corporation ⭐ CONGRESS

▲ - Selling Rising Stock 5D +2.1% 3M +46.4% 1Y +64.9%

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

AMAT Applied Materials, Inc. ⭐ CONGRESS

▲ - Selling Rising Stock 5D +5.7% 3M +42.6% 1Y +140.2%

Sen. John Boozman (John Boozman) • $1,001 - $15,000

META reported the highest concentration of insider activity with 42 insiders receiving stock awards, while CRM recorded 8 insider purchases in a coordinated pattern. On the distribution side, DELL saw the widest participation with 196 insiders selling positions totaling $430.0M, followed by FANG where 9 insiders reduced holdings worth $2.2B.

META Meta Platforms, Inc. ⭐ INSIDER

+ Buying Falling Stock 5D -3.4% 3M -10.1% 1Y -3.6%

42 insiders • $8.4B

CRM Salesforce, Inc. ⭐ INSIDER

+ Buying Falling Stock 5D -6.4% 3M -31.3% 1Y -36.0%

8 insiders • $132.9M

CPNG Coupang, Inc. ⭐ INSIDER

+ Buying Falling Stock 5D -6.4% 3M -16.1% 1Y -20.3%

2 insiders • $99.0M

NONE NONE ⭐ INSIDER

▲ + Buying Rising Stock

2 insiders • $75.0M

CHYM Chime Financial, Inc. Class A Common Stock ⭐ INSIDER

+ Buying Falling Stock 5D -6.0% 3M -33.9%

6 insiders • $50.7M

WHLR Wheeler Real Estate Investment Trust, Inc. ⭐ INSIDER

- Selling Falling Stock 5D -14.9% 3M -47.0% 1Y -99.7%

2 insiders • $31449.6B

FANG Diamondback Energy, Inc. ⭐ INSIDER

▲ - Selling Rising Stock 5D +3.3% 3M +32.0% 1Y +24.3%

9 insiders • $2.2B

DELL Dell Technologies Inc. ⭐ INSIDER

▲ - Selling Rising Stock 5D +23.4% 3M +45.4% 1Y +87.0%

196 insiders • $430.0M

GRDN Guardian Pharmacy Services, Inc. ⭐ INSIDER

▲ - Selling Rising Stock 5D +7.7% 3M +16.4% 1Y +70.7%

10 insiders • $419.3M

RELY Remitly Global, Inc. ⭐ INSIDER

▲ - Selling Rising Stock 5D +3.7% 3M +10.2% 1Y -23.1%

2 insiders • $191.8M

Today's earnings calendar features 416 companies reporting, with accumulation signals detected in SMMA.JK and MDKA.JK ahead of results, while institutional distribution patterns have emerged in TLKM.JK and AMRT.JK. Yesterday's session saw significant volatility with MAZE declining 34.5% and 9992.HK dropping 24.1%, while DRVN surged 20.3%. Smart money positioning shows divergent views on Indonesian equities, with capital flows moving away from telecom and retail names while building in other sectors.

📊 Previous Earnings — March 25, 2026

271 reported • ✅ 30 beats • ❌ 21 misses

MAZE Maze Therapeutics, Inc. ⭐ MISS -34.5%

70

▲ + Buying Rising Stock

EPS: $-0.80 vs $-0.76 est (-6.4%)

9992.HK Pop Mart International Group Limited ⭐ BEAT -24.1%

50

▲ + Buying Rising Stock

EPS: $7.70 vs $7.66 est (+0.5%)

DRVN Driven Brands Holdings Inc. ⭐ BEAT +20.3%

30

+ Buying Falling Stock

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

CHJTF CSPC Pharmaceutical Group Limited ⭐ MISS -12.8%

50

+ Buying Falling Stock

EPS: $0.02 vs $0.27 est (-93.9%)

000920.SZ Vontron Technology Co., Ltd. ⭐ MISS -11.9%

50

▲ + Buying Rising Stock

EPS: $0.05 vs $0.09 est (-40.8%)

WS Worthington Steel, Inc. ⭐ MISS +10.7%

30

+ Buying Falling Stock

EPS: $0.27 vs $0.43 est (-37.5%)

1024.HK Kuaishou Technology ⭐ BEAT -10.4%

50

▲ + Buying Rising Stock

EPS: $1.36 vs $1.21 est (+12.4%)

1364.HK Guming ⭐ MET -9.7%

50

▲ + Buying Rising Stock

EPS: $0.62 vs $0.62 est

3888.HK Kingsoft Corporation Limited ⭐ BEAT -9.3%

50

▲ + Buying Rising Stock

EPS: $0.77 vs $-0.01 est (+7009.9%)

CHWY Chewy, Inc. ⭐ MISS +9.2%

30

+ Buying Falling Stock

EPS: $-0.43 vs $0.09 est (-568.5%)

🎯 Reporting Today — March 26, 2026

416 reporting • Smart Money: 67 acc • 89 dist • 260 neut

SMMA.JK PT Sinar Mas Multiartha Tbk ⭐

70

▲ + Buying Rising Stock

MDKA.JK PT Merdeka Copper Gold Tbk ⭐

70

▲ + Buying Rising Stock

MEDC.JK PT Medco Energi Internasional Tbk ⭐

70

▲ + Buying Rising Stock

BOGA.JK PT Bintang Oto Global Tbk ⭐

70

▲ + Buying Rising Stock

JTPE.JK PT Jasuindo Tiga Perkasa Tbk ⭐

70

▲ + Buying Rising Stock

MAIN.JK PT Malindo Feedmill Tbk ⭐

70

▲ + Buying Rising Stock

LSRG.ME PJSC LSR Group ⭐

70

▲ + Buying Rising Stock

PHOE.TA The Phoenix Holdings Ltd. ⭐

70

▲ + Buying Rising Stock

HARL.TA Harel Insurance Investments & Financial Services Ltd ⭐

70

▲ + Buying Rising Stock

QIHCF Haier Smart Home Co., Ltd. ⭐

70

▲ + Buying Rising Stock

HMRZF H & M Hennes & Mauritz AB (publ) ⭐

70

▲ + Buying Rising Stock

WEICF Weichai Power Co., Ltd. ⭐

70

▲ + Buying Rising Stock

HLAGF Hapag-Lloyd AG ⭐

70

▲ + Buying Rising Stock

WI4.VI Weichai Power Co., Ltd. ⭐

70

▲ + Buying Rising Stock

HLAG.DE Hapag-Lloyd AG ⭐

70

▲ + Buying Rising Stock

Smart money flows revealed divergent positioning across institutional, insider, and congressional activity this week. META showed the highest concentration of insider participation with 42 stock awards while simultaneously experiencing two-way institutional flow—1,835 ETFs adding exposure and 1,388 removing positions. CRM demonstrated coordinated insider conviction with 8 purchases, while DELL saw the broadest distribution pattern as 196 insiders sold $430.0M in aggregate. AVGO exhibited similar institutional rebalancing dynamics, appearing among both the most added (1,999 ETFs) and most reduced (1,507 ETFs) holdings in Q4. Congressional activity concentrated in consumer discretionary and energy sectors, with Rep. Tim Moore purchasing shares of Cracker Barrel Old Country Store (CBRL) and multiple positions in LGI Homes (LGIH) while divesting from Krispy Kreme (DNUT), and Rep. David Taylor executing multiple sales to reduce Chevron (CVX) holdings. The equal numbers of institutional adds and removes across positions suggests active portfolio rebalancing rather than clear directional conviction. Market conditions reflected defensive positioning as equity volatility surged into high-fear territory with the VIX climbing 20.5% to reach 26.95, while the MOVE index declined 4.9% to 14.35, creating a notable divergence that suggests uncertainty concentrated in stocks rather than broader systemic stress. Market breadth remained troublingly narrow with only one-third of stocks participating in the advance across major indices, while the transportation sector showed particularly weak internals at just 9% of components trading positively. Defensive sectors including Energy and Utilities exhibited the strongest relative performance above 90%, contrasting sharply with growth-oriented areas where Consumer Discretionary, Semiconductors, and Financials experienced notably weaker participation rates. This combination of limited breadth and defensive sector outperformance signals clear risk-off positioning, though SPY strength registered at 32.8% with 30 accumulation signals detected in META, Citigroup (C), and Emerson Electric (EMR) versus zero distribution signals. Critical catalysts emerge from economic data showing inflation pressures exceeding expectations, with import prices jumping 1.3% versus the 0.5% estimate and export prices surging 1.5% against a 0.5% forecast—both more than double expectations and suggesting tariff and dollar dynamics are feeding through more aggressively than economists anticipated. Today's initial jobless claims estimated at 210K versus last week's 205K and tomorrow's Michigan Consumer Sentiment reading forecast at 54.0—which would mark the lowest level since mid-2022 and down sharply from February's 56.6—will test whether labor market resilience can offset what appears to be sharp deterioration in consumer confidence. The 416 companies reporting earnings today include accumulation signals in SMMA.JK and MDKA.JK while institutional distribution patterns emerged in TLKM.JK and AMRT.JK, reflecting divergent smart money views on Indonesian equities. Crude oil inventories building by 6.9 million barrels against expectations for just 0.5 million—marking over

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