The Edge

🐷 PIG ROAST

💬 Word on the Street

While Rep. Tim Moore (R-NC) quietly scooped up Cracker Barrel Old Country Store (CBRL) shares worth up to $50,000, Wheeler Real Estate Investment Trust (WHLR) insiders dumped a staggering $31.4 billion—part of today's eye-watering $31.4 trillion net outflow that screams institutional flight as the VIX spiked 14% to 27.4. Meanwhile, option traders piled 16,000 calls into United Therapeutics (UTHR) after it jumped 12.5% to $588, and hedge funds loaded up on battered Bath & Body Works (BBWI) despite its 46% yearly crater and active lawyer probes. 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

Unemployment Rate

Percentage of people who want a job but can’t find one. Under 4% = help wanted signs everywhere.

Equity volatility elevated sharply this week, with the VIX climbing 14.1% to 27.44, indicating heightened fear in stock markets and positioning above the threshold typically associated with significant investor anxiety. In contrast, bond market volatility remains subdued, as the MOVE index rose 16.6% to just 15.53 but stays at historically low levels, suggesting fixed income traders are pricing in minimal uncertainty around interest rate movements. This divergence between equity and bond volatility markets reflects uneven concern across asset classes, with stock investors appearing considerably more defensive than their counterparts in Treasury markets.

|| Market Sutra ||

"Markets correct excess, not ambition."

— Tesla's 2021–2022 drawdown corrected valuation—not innovation

Market breadth remains narrow across major indices, with fewer than one in five stocks participating in the current advance across SPY, QQQ, and DIA. Energy dominates sector leadership with complete participation while defensive positioning appears in Utilities' strong showing, contrasting sharply with cyclical sectors like Real Estate, Industrials, and Financials which show minimal participation. The combination of narrow breadth and defensive sector strength alongside Energy suggests a cautious market environment despite Technology's modest participation.

Fed net liquidity stood at $6.66 trillion as of March 25, up $1.2 billion from the prior week, indicating a marginal increase in system-wide dollar availability that has historically correlated with supportive conditions for risk assets. The next H.4.1 report releases Thursday, April 2, which will show whether this liquidity expansion continues or reverses.

Yesterday's Dallas Fed Manufacturing Index came in at -0.2, missing expectations of 0.7 and reversing from February's 0.2 reading, marking a return to contraction territory for the regional manufacturing sector after just one month of expansion. Today's calendar features CB Consumer Confidence, expected to decline further to 88.0 from 91.2, which would mark the lowest reading since July 2024, while JOLTS Job Openings are forecast to continue their downward trajectory at 6.87M versus 6.946M prior—the labor market cooling narrative that has kept Fed rate cut expectations alive. Tomorrow's retail sales data will be closely watched, with the headline expected at 0.4% month-over-month versus February's -0.2% decline, and the ISM Manufacturing PMI forecast at 52.3, attempting to hold above the 50 expansion threshold for a third consecutive month after spending 28 of the previous 29 months in contraction through December 2024.

Institutional flow data shows mixed signals with an even 10-10 split between ETFs adding and removing positions, though healthcare and cybersecurity names like JNJ and PANW attracted the most new buyers with 2,389 and 2,385 ETFs initiating positions respectively. The removal side saw streaming and legacy tech stocks like NFLX and CSCO face the heaviest selling pressure, suggesting a potential rotation from high-valuation consumer technology into defensive healthcare and enterprise security plays.

JNJ Johnson & Johnson ⭐

▲ + Buying Rising Stock 5D +2.1% 3M +15.7% 1Y +52.0%

2389 ETFs • 0 shares

PANW Palo Alto Networks, Inc. ⭐

+ Buying Falling Stock 5D -9.8% 3M -21.5% 1Y -20.5%

2385 ETFs • 0 shares

IBM International Business Machines Corporation ⭐

+ Buying Falling Stock 5D -2.2% 3M -22.4% 1Y -3.8%

2286 ETFs • 0 shares

NFLX Netflix, Inc. ⭐

▲ + Buying Rising Stock 5D +1.8% 3M -0.2% 1Y -3.8%

2203 ETFs • 0 shares

HD The Home Depot, Inc. ⭐

+ Buying Falling Stock 5D +0.3% 3M -7.4% 1Y -9.5%

2110 ETFs • 0 shares

JNJ Johnson & Johnson ⭐

▲ - Selling Rising Stock 5D +2.1% 3M +15.7% 1Y +52.0%

1778 ETFs • 0 shares

NFLX Netflix, Inc. ⭐

▲ - Selling Rising Stock 5D +1.8% 3M -0.2% 1Y -3.8%

1748 ETFs • 0 shares

CSCO Cisco Systems, Inc. ⭐

▲ - Selling Rising Stock 5D +2.9% 3M +3.0% 1Y +31.8%

1627 ETFs • 0 shares

HD The Home Depot, Inc. ⭐

- Selling Falling Stock 5D +0.3% 3M -7.4% 1Y -9.5%

1553 ETFs • 0 shares

WMT Walmart Inc. ⭐

- Selling Falling Stock 5D +3.2% 3M +10.1% 1Y +45.2%

1517 ETFs • 0 shares

Rep. Tim Moore acquired multiple positions in LGIH and CBRL while divesting from DNUT, and Rep. Warren Davidson sold GEHC as Rep. David Taylor reduced his CVX holdings. The transactions show Moore concentrating activity in consumer-focused equities while Davidson and Taylor reduced positions in healthcare technology and energy sectors respectively.

CBRL Cracker Barrel Old Country Store, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D -2.4% 3M +1.2% 1Y -31.8%

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

LGIH LGI Homes, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D +10.2% 3M -12.2% 1Y -45.9%

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

LGIH LGI Homes, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D +10.2% 3M -12.2% 1Y -45.9%

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

LGIH LGI Homes, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D +10.2% 3M -12.2% 1Y -45.9%

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

HD The Home Depot, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D +0.3% 3M -7.4% 1Y -9.5%

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

GEHC GE HealthCare Technologies Inc. ⭐ CONGRESS

- Selling Falling Stock 5D -0.6% 3M -17.0% 1Y -14.4%

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

DNUT Krispy Kreme, Inc. ⭐ CONGRESS

▲ - Selling Rising Stock 5D -7.5% 3M -23.8% 1Y -40.0%

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

CVX Chevron Corporation ⭐ CONGRESS

▲ - Selling Rising Stock 5D +4.7% 3M +40.3% 1Y +30.1%

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

MPC Marathon Petroleum Corporation ⭐ CONGRESS

▲ - Selling Rising Stock 5D +8.3% 3M +52.0% 1Y +70.9%

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

MPC Marathon Petroleum Corporation ⭐ CONGRESS

▲ - Selling Rising Stock 5D +8.3% 3M +52.0% 1Y +70.9%

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

META saw concentrated activity with 42 insiders receiving equity awards, while CRM recorded 8 insider transactions on the acquisition side. On the distribution side, DELL led with 196 insiders reducing positions totaling $430.0M, followed by GRDN with 10 insiders selling $419.3M and WHLR with 3 insiders selling $31449.6B.

META Meta Platforms, Inc. ⭐ INSIDER

+ Buying Falling Stock 5D -11.4% 3M -21.2% 1Y -13.8%

42 insiders • $8.4B

CRM Salesforce, Inc. ⭐ INSIDER

+ Buying Falling Stock 5D -8.2% 3M -32.4% 1Y -35.8%

8 insiders • $132.9M

NONE NONE ⭐ INSIDER

▲ + Buying Rising Stock

2 insiders • $75.0M

WVE Wave Life Sciences Ltd. ⭐ INSIDER

+ Buying Falling Stock 5D -45.8% 3M -65.1% 1Y -36.4%

4 insiders • $54.6M

MGM MGM Resorts International ⭐ INSIDER

▲ + Buying Rising Stock 5D +2.7% 3M -2.0% 1Y +13.1%

2 insiders • $37.2M

WHLR Wheeler Real Estate Investment Trust, Inc. ⭐ INSIDER

- Selling Falling Stock 5D -2.8% 3M -48.0% 1Y -99.6%

3 insiders • $31449.6B

DELL Dell Technologies Inc. ⭐ INSIDER

▲ - Selling Rising Stock 5D +9.0% 3M +33.9% 1Y +81.0%

196 insiders • $430.0M

GRDN Guardian Pharmacy Services, Inc. ⭐ INSIDER

▲ - Selling Rising Stock 5D -4.2% 3M +10.6% 1Y +68.7%

10 insiders • $419.3M

WMT Walmart Inc. ⭐ INSIDER

- Selling Falling Stock 5D +3.2% 3M +10.1% 1Y +45.2%

5 insiders • $407.0M

AVGO Broadcom Inc. ⭐ INSIDER

- Selling Falling Stock 5D -3.0% 3M -14.2% 1Y +68.4%

16 insiders • $250.0M

Yesterday's session saw notable declines in 0VIK.L, which dropped 16.4%, while PRGS fell 11.6% and BRKM3.SA declined 11.0%. Today's earnings slate includes 323 reporting companies, with accumulation signals appearing in 3986.HK and 000792.SZ, indicating recent institutional buying activity in those names. Distribution patterns have emerged in BIRD.JK and TOTL.JK, suggesting smart money has been reducing positions ahead of their reports.

📊 Previous Earnings — March 30, 2026

314 reported • ✅ 9 beats • ❌ 9 misses

0VIK.L Standard Lithium Ltd. ⭐ MISS -16.4%

50

▲ + Buying Rising Stock

EPS: $-0.04 vs $-0.03 est (-19.7%)

PRGS Progress Software Corporation ⭐ MISS -11.6%

30

+ Buying Falling Stock

EPS: $0.54 vs $1.57 est (-65.6%)

BRKM3.SA Braskem S.A. ⭐ MISS -11.0%

50

+ Buying Falling Stock

EPS: $-2.65 vs $-2.65 est (-0.1%)

ATX.V ATEX Resources Inc. ⭐ MET +9.2%

30

+ Buying Falling Stock

EPS: $-0.06 vs $-0.06 est

1880.HK China Tourism Group Duty Free Corporation Limited ⭐ BEAT -6.9%

30

+ Buying Falling Stock

EPS: $0.28 vs $0.28 est (+0.3%)

TPRO.MI Technoprobe S.p.A. ⭐ BEAT +6.8%

30

+ Buying Falling Stock

EPS: $0.10 vs $0.08 est (+25.0%)

BYDDY BYD Company Limited ⭐ BEAT -4.4%

70

▲ + Buying Rising Stock

EPS: $0.18 vs $0.17 est (+4.1%)

TIIAY Telecom Italia S.p.A. ⭐ MISS +4.0%

50

+ Buying Falling Stock

EPS: $-0.11 vs $0.60 est (-119.1%)

MAL.TO Magellan Aerospace Corporation ⭐ MISS -3.9%

50

+ Buying Falling Stock

EPS: $0.19 vs $0.28 est (-33.3%)

APC ARKO Petroleum Corp. Class A Common Stock ⭐ BEAT -3.5%

50

▲ + Buying Rising Stock

EPS: $0.26 vs $0.18 est (+44.5%)

🎯 Reporting Today — March 31, 2026

323 reporting • Smart Money: 57 acc • 209 dist • 57 neut

3986.HK Gigadevice ⭐

70

▲ + Buying Rising Stock

000792.SZ Qinghai Salt Lake Industry Co.,Ltd ⭐

70

▲ + Buying Rising Stock

1772.HK Ganfeng Lithium Co., Limited ⭐

70

▲ + Buying Rising Stock

002460.SZ Ganfeng Lithium Co., Ltd. ⭐

70

▲ + Buying Rising Stock

1072.HK Dongfang Electric Corporation Limited ⭐

70

▲ + Buying Rising Stock

600015.SS Hua Xia Bank Co., Limited ⭐

70

▲ + Buying Rising Stock

600875.SS Dongfang Electric Corporation Limited ⭐

70

▲ + Buying Rising Stock

600236.SS Guangxi Guiguan Electric PowerCo.,Ltd. ⭐

70

▲ + Buying Rising Stock

3931.HK CALB Group Co., Ltd. ⭐

70

▲ + Buying Rising Stock

2975.T Star Mica Holdings Co., Ltd. ⭐

70

▲ + Buying Rising Stock

600995.SS China Southern Power Grid Energy Storage Co., Ltd. ⭐

70

▲ + Buying Rising Stock

002487.SZ Dajin Heavy Industry Corporation ⭐

70

▲ + Buying Rising Stock

002025.SZ Guizhou Space Appliance Co., Ltd. ⭐

70

▲ + Buying Rising Stock

200539.SZ Guangdong Electric Power Development Co., Ltd. ⭐

70

▲ + Buying Rising Stock

000539.SZ Guangdong Electric Power Development Co., Ltd. ⭐

70

▲ + Buying Rising Stock

Smart money positioning reveals a pronounced shift toward defensive assets and away from high-valuation technology plays. Institutional flow data shows an even 10-10 split between ETFs adding and removing positions, with Johnson & Johnson (JNJ) and Palo Alto Networks (PANW) attracting the most new buyers at 2,389 and 2,385 ETFs initiating positions respectively, while Netflix (NFLX) and Cisco Systems (CSCO) faced the heaviest selling pressure. On the insider front, Meta Platforms (META) saw concentrated activity with 42 insiders receiving equity awards while Dell Technologies (DELL) led distribution with 196 insiders reducing positions totaling $430.0 million, followed by Garden Botanika (GRDN) with 10 insiders selling $419.3 million. Congressional activity shows Rep. Tim Moore acquiring multiple positions in LGI Homes (LGIH) and Cracker Barrel Old Country Store (CBRL) while divesting from Krispy Kreme (DNUT), and Rep. Warren Davidson sold GE HealthCare Technologies (GEHC) as Rep. David Taylor reduced his Chevron Corporation (CVX) holdings. The pattern across all three smart money categories points to rotation from consumer technology and energy into healthcare and enterprise security. Market breadth deterioration underscores the fragility of the current environment despite headline index resilience. Fewer than one in five stocks are participating in the current advance across SPY, QQQ, and DIA, creating a perilously narrow foundation for further gains. The VIX climbed 14.1% to 27.44, positioning above the threshold typically associated with significant investor anxiety, while the MOVE index rose 16.6% to just 15.53 but stays at historically low levels. This divergence between equity and bond volatility markets reflects uneven concern across asset classes, with stock investors appearing considerably more defensive than their counterparts in Treasury markets. Energy dominates sector leadership with complete participation while defensive positioning appears in Utilities' strong showing, contrasting sharply with cyclical sectors like Real Estate, Industrials, and Financials which show minimal participation. The combination of narrow breadth and defensive sector strength alongside Energy suggests a cautious market environment despite Technology's modest participation, with SPY Strength registering only 20.5%. Tomorrow's economic calendar carries significant weight for near-term market direction as conflicting data narratives collide. Today's CB Consumer Confidence is expected to decline further to 88.0 from 91.2, which would mark the lowest reading since July 2024, while JOLTS Job Openings are forecast to continue their downward trajectory at 6.87 million versus 6.946 million prior. Tomorrow's retail sales data will be closely watched, with the headline expected at 0.4% month-over-month versus February's negative 0.2% decline, and the ISM Manufacturing PMI forecast at 52.3, attempting to hold above the 50 expansion threshold for a third consecutive month after spending 28 of the previous 29 months in contraction through December 2024. The accumulation signals appearing in 30

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