The Edge

🐷 PIG ROAST

💬 Word on the Street

Rep. Tim Moore added Cracker Barrel Old Country Store (CBRL) while insiders at Wheeler Real Estate Investment Trust (WHLR) dumped $31.4 billion—because nothing screams confidence like a casual ten-figure exit before markets open. After hours, Brown-Forman (BF.B) popped nearly 10% on Pernod Ricard merger whispers, Regeneron Pharmaceuticals (REGN) surged 12% on biotech hype, and Kodiak Sciences (KDK) rocketed 75% after its eye drug aced trials, all while the Fed quietly pumped $1.2 billion into the system and smart money recorded a $31.4 trillion net outflow. Here's what the insiders, institutions, and politicians actually did with their money 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

PPI

Wholesale inflation. What companies pay before they mark it up and blame “supply chains.”

The VIX currently sits at 25.33, indicating elevated fear in equity markets and representing a slight 1.0% increase from the prior week, while remaining in the high volatility zone above the 25 threshold. In contrast, the MOVE index measuring bond market volatility registered 14.79, up 1.7% week-over-week but remaining at historically low levels, suggesting fixed income markets are experiencing relative calm. This divergence between equity and bond volatility reflects differing stress levels across asset classes, with stock market participants pricing in considerably more uncertainty than their bond market counterparts.

|| Market Sutra ||

"Liquidity hides insolvency."

— Many zombie companies stayed alive only because of near-zero interest rates

Market breadth remains weak across major indexes, with only about one-third of SPY and QQQ constituents trading above their moving averages, while transportation stocks show particular weakness at just 9%. Traditional defensive sectors are demonstrating relative strength, with Energy and Utilities showing participation rates above 90%, while growth-oriented areas like Consumer Discretionary and Semiconductors lag significantly at around 21%, suggesting investors are rotating toward more conservative positioning.

As of March 25, Fed net liquidity stands at $6.66 trillion, up $1.2 billion from the prior week, indicating a marginal increase in system-wide dollar availability that typically correlates with supportive conditions for risk assets. The next H.4.1 release drops Thursday, April 02, which will show whether this modest liquidity expansion continues or reverses.

Yesterday's jobless claims data showed continuing claims improved to 1,819K against expectations of 1,850K, marking a 31K beat that suggests labor market resilience remains intact despite the four-week average holding steady at 210.5K. Today's focus shifts to the University of Michigan Consumer Sentiment reading, expected to decline further to 54.0 from 56.6—which would mark the lowest level since June 2022 if realized—alongside inflation expectations forecast to tick down to 3.2% from 3.3%. The CFTC positioning data will also be scrutinized for shifts in speculative sentiment, particularly the S&P 500's net short position of -113.1K contracts, an unusual stance that could signal either hedging activity or outright bearish bets amid the recent market volatility.

## Institutional Flow Summary ETFs displayed mixed positioning in technology during the recent period, with 1,999 funds adding Broadcom while 1,507 simultaneously reduced their positions, suggesting rotation within the semiconductor space. The data shows institutions added healthcare exposure through Johnson & Johnson (1,854 ETFs) and legacy technology via IBM (1,796 ETFs), while reducing payments infrastructure holdings in Visa (1,513 ETFs) and enterprise software positions in Salesforce (1,385 ETFs).

AVGO Broadcom Inc. ⭐

+ Buying Falling Stock 5D -3.0% 3M -11.4% 1Y +65.0%

1999 ETFs • 0 shares

JNJ Johnson & Johnson ⭐

▲ + Buying Rising Stock 5D +0.7% 3M +16.3% 1Y +51.9%

1854 ETFs • 0 shares

IBM International Business Machines Corporation ⭐

+ Buying Falling Stock 5D -3.5% 3M -20.4% 1Y -1.4%

1796 ETFs • 0 shares

NFLX Netflix, Inc. ⭐

▲ + Buying Rising Stock 5D +1.7% 3M -0.2% 1Y -6.4%

1747 ETFs • 0 shares

T AT&T Inc. ⭐

▲ + Buying Rising Stock 5D +4.2% 3M +18.2% 1Y +9.3%

1682 ETFs • 0 shares

V Visa Inc. ⭐

- Selling Falling Stock 5D +1.9% 3M -13.5% 1Y -10.9%

1513 ETFs • 0 shares

AVGO Broadcom Inc. ⭐

- Selling Falling Stock 5D -3.0% 3M -11.4% 1Y +65.0%

1507 ETFs • 0 shares

CRM Salesforce, Inc. ⭐

- Selling Falling Stock 5D -4.8% 3M -29.6% 1Y -35.3%

1385 ETFs • 0 shares

JNJ Johnson & Johnson ⭐

▲ - Selling Rising Stock 5D +0.7% 3M +16.3% 1Y +51.9%

1280 ETFs • 0 shares

CSCO Cisco Systems, Inc. ⭐

- Selling Falling Stock 5D +4.7% 3M +5.9% 1Y +37.2%

1261 ETFs • 0 shares

# Congressional Trading Activity Rep. Tim Moore executed multiple transactions this period, purchasing shares of CBRL and making two separate purchases of LGIH, while also selling his position in DNUT. Additionally, Rep. Warren Davidson sold shares of GEHC and Rep. David Taylor sold CVX. The activity shows Rep. Moore as the most active trader with four total transactions, demonstrating concentrated buying interest in LGIH with two separate purchases alongside his other moves.

CBRL Cracker Barrel Old Country Store, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D -1.1% 3M +8.0% 1Y -29.5%

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

LGIH LGI Homes, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D +6.2% 3M -7.2% 1Y -44.5%

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

LGIH LGI Homes, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D +6.2% 3M -7.2% 1Y -44.5%

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

LGIH LGI Homes, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D +6.2% 3M -7.2% 1Y -44.5%

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

LGIH LGI Homes, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D +6.2% 3M -7.2% 1Y -44.5%

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

GEHC GE HealthCare Technologies Inc. ⭐ CONGRESS

- Selling Falling Stock 5D +1.6% 3M -14.1% 1Y -13.1%

Rep. Warren Davidson (Warren Davidson) • $1,001 - $15,000

DNUT Krispy Kreme, Inc. ⭐ CONGRESS

▲ - Selling Rising Stock 5D -9.0% 3M -18.4% 1Y -36.4%

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

CVX Chevron Corporation ⭐ CONGRESS

▲ - Selling Rising Stock 5D +3.2% 3M +38.1% 1Y +29.6%

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

MPC Marathon Petroleum Corporation ⭐ CONGRESS

▲ - Selling Rising Stock 5D +5.3% 3M +49.2% 1Y +69.2%

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

MPC Marathon Petroleum Corporation ⭐ CONGRESS

▲ - Selling Rising Stock 5D +5.3% 3M +49.2% 1Y +69.2%

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

META recorded the highest concentration of insider activity with 42 insiders receiving purchases or awards, while CRM saw 8 insiders participate in similar transactions. On the distribution side, DELL had the largest cluster with 196 insiders collectively selling $430.0M in shares, followed by GRDN where 10 insiders reduced positions totaling $419.3M.

META Meta Platforms, Inc. ⭐ INSIDER

+ Buying Falling Stock 5D -9.7% 3M -17.6% 1Y -12.3%

42 insiders • $8.4B

CRM Salesforce, Inc. ⭐ INSIDER

+ Buying Falling Stock 5D -4.8% 3M -29.6% 1Y -35.3%

8 insiders • $132.9M

NONE NONE ⭐ INSIDER

▲ + Buying Rising Stock

2 insiders • $75.0M

CME CME Group Inc. ⭐ INSIDER

▲ + Buying Rising Stock 5D -4.2% 3M +8.0% 1Y +15.2%

11 insiders • $38.7M

MGM MGM Resorts International ⭐ INSIDER

▲ + Buying Rising Stock 5D +1.2% 3M +1.6% 1Y +17.3%

2 insiders • $37.2M

WHLR Wheeler Real Estate Investment Trust, Inc. ⭐ INSIDER

- Selling Falling Stock 5D -12.8% 3M -48.5% 1Y -99.7%

3 insiders • $31449.6B

DELL Dell Technologies Inc. ⭐ INSIDER

▲ - Selling Rising Stock 5D +12.2% 3M +37.8% 1Y +80.4%

196 insiders • $430.0M

GRDN Guardian Pharmacy Services, Inc. ⭐ INSIDER

▲ - Selling Rising Stock 5D +3.0% 3M +13.3% 1Y +74.2%

10 insiders • $419.3M

WMT Walmart Inc. ⭐ INSIDER

▲ - Selling Rising Stock 5D +1.1% 3M +10.2% 1Y +45.1%

5 insiders • $404.8M

PBF PBF Energy Inc. ⭐ INSIDER

▲ - Selling Rising Stock 5D +7.6% 3M +89.4% 1Y +170.9%

17 insiders • $197.9M

Today 351 stocks report earnings, with notable accumulation signals appearing in PTBA.JK ahead of its results, while TLKM.JK and BRPT.JK show distribution patterns before reporting. Yesterday's session saw significant moves in ABXX.NE, which gained 26.1%, followed by SMTGF up 21.8% and ABXXF adding 21.3%. No companies are scheduled to report tomorrow.

📊 Previous Earnings — March 26, 2026

524 reported • ✅ 37 beats • ❌ 44 misses

ABXX.NE Abaxx Technologies Inc. ⭐ MISS +26.1%

30

+ Buying Falling Stock

EPS: $-0.60 vs $-0.50 est (-20.0%)

SMTGF SMA Solar Technology AG ⭐ MISS +21.8%

30

+ Buying Falling Stock

EPS: $-1.23 vs $-1.23 est

ABXXF Abaxx Technologies Inc. ⭐ MISS +21.3%

30

+ Buying Falling Stock

EPS: $-0.44 vs $-0.36 est (-20.0%)

S92.DE SMA Solar Technology AG ⭐ MISS +19.7%

70

▲ + Buying Rising Stock

EPS: $-1.06 vs $0.47 est (-325.5%)

HRSHF Haier Smart Home Co., Ltd. ⭐ MISS -16.5%

30

+ Buying Falling Stock

EPS: $0.05 vs $0.06 est (-7.4%)

AGX Argan, Inc. ⭐ BEAT -14.2%

70

▲ + Buying Rising Stock

EPS: $3.54 vs $1.99 est (+77.9%)

000988.SZ Huagong Tech Company Limited ⭐ MISS -12.2%

50

▲ + Buying Rising Stock

EPS: $0.15 vs $0.46 est (-67.6%)

MPNGF Meituan ⭐ MISS +12.0%

30

+ Buying Falling Stock

EPS: $-0.35 vs $-0.34 est (-2.2%)

TWM.TO Tidewater Midstream and Infrastructure Ltd. ⭐ MISS +10.4%

70

▲ + Buying Rising Stock

EPS: $-1.39 vs $-0.44 est (-219.1%)

USAR USA Rare Earth Inc ⭐ MISS -10.2%

50

+ Buying Falling Stock

EPS: $-0.17 vs $-0.12 est (-41.7%)

🎯 Reporting Today — March 27, 2026

351 reporting • Smart Money: 35 acc • 58 dist • 258 neut

PTBA.JK PT Bukit Asam Tbk ⭐

70

▲ + Buying Rising Stock

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

70

▲ + Buying Rising Stock

ICK.VI Industrial and Commercial Bank of China Limited ⭐

70

▲ + Buying Rising Stock

PCCYF PetroChina Company Limited ⭐

70

▲ + Buying Rising Stock

PECN.VI PetroChina Company Limited ⭐

70

▲ + Buying Rising Stock

CNCB.VI China Construction Bank Corporation ⭐

70

▲ + Buying Rising Stock

BY6.VI BYD Company Limited ⭐

70

▲ + Buying Rising Stock

BY6.F BYD Company Limited ⭐

70

▲ + Buying Rising Stock

BKFCF Bank of Communications Co., Ltd. ⭐

70

▲ + Buying Rising Stock

GUOSF Guotai Junan Securities Co., Ltd. ⭐

70

▲ + Buying Rising Stock

CUKPF Carnival Corporation & plc ⭐

70

▲ + Buying Rising Stock

CRBJF China Resources Land Limited ⭐

70

▲ + Buying Rising Stock

YZCHF Yankuang Energy Group Company Limited ⭐

70

▲ + Buying Rising Stock

AXIA AXIA Energia S.A. ⭐

70

▲ + Buying Rising Stock

EPS: $0.19 vs $0.18 est

CCOZY China Coal Energy Company Limited ⭐

70

▲ + Buying Rising Stock

Smart money flows are painting a picture of rotation and divergence across multiple activity streams. Institutional positioning through ETFs shows technology sector shuffling, with 1,999 funds adding Broadcom while 1,507 reduced positions, alongside concentrated buying in healthcare through Johnson & Johnson from 1,854 ETFs and legacy technology via IBM from 1,796 ETFs, even as institutions trimmed Visa across 1,513 ETFs and Salesforce across 1,385 ETFs. Corporate insiders at Meta Platforms (META) generated the highest concentration of activity with 42 insiders receiving purchases or awards, while Salesforce (CRM) saw 8 insiders participate in similar transactions, contrasting sharply with the $430.0M in collective selling from 196 insiders at Dell Technologies (DELL) and $419.3M in distributions from 10 insiders at Garden (GRDN). Congressional activity remains concentrated in Rep. Tim Moore's four transactions, including two separate purchases of LGI Homes (LGIH) alongside Cracker Barrel Old Country Store (CBRL) acquisitions and a sale of Krispy Kreme (DNUT), while Rep. Warren Davidson sold GE HealthCare Technologies (GEHC) and Rep. David Taylor exited Chevron (CVX). Market structure signals defensive rotation as elevated volatility pressures risk appetite across equities. The VIX currently sits at 25.33, marking a 1.0% increase from the prior week and remaining firmly above the 25 threshold that indicates heightened fear, while the MOVE index measuring bond market volatility registered just 14.79, up 1.7% but staying at historically low levels that suggest fixed income participants see considerably less stress than their equity counterparts. This divergence between asset classes shows up clearly in sector behavior, where defensive positioning dominates with Energy and Utilities demonstrating participation rates above 90% of constituents trading above moving averages, while growth-oriented areas like Consumer Discretionary and Semiconductors languish around 21% participation and transportation stocks show particular weakness at just 9%. Broader market breadth remains constrained with only about one-third of SPY and QQQ constituents trading above their moving averages, reinforcing the flight to quality theme even as accumulation signals outnumber distribution signals 30 to 0, with Citigroup (C), Salesforce (CRM), and Emerson Electric (EMR) leading the accumulation names. Today's University of Michigan Consumer Sentiment reading represents the key catalyst to watch, with expectations calling for a decline to 54.0 from 56.6, which would mark the lowest level since June 2022 if realized, while inflation expectations are forecast to tick down to 3.2% from 3.3%. Yesterday's jobless claims data provided a silver lining as continuing claims improved to 1,819K against expectations of 1,850K, beating by 31K and suggesting labor market resilience persists despite broader uncertainty. The CFTC positioning data warrants close attention given the S&P 500's unusual net short position of -113.1K contracts, which could

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