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, six insiders at Wheeler Real Estate Investment Trust (WHLR) unloaded a staggering $31.4 billion—part of a $31.4 trillion net outflow that makes today's smart money flow look like a fire sale in reverse. The VIX spiked 17.1% to 30.6 as fear crept back in, yet after hours told a different story: Micron Technology (MU) surged 9.4% on memory supercycle revival talk, Intel (INTC) jumped 9.9% after reacquiring its Irish chipmaking facility, and Lumentum Holdings (LITE) popped 9.9% on whispers of Nvidia (NVDA) pouring billions into strategic plays. Here's what smart money did today while volatility rattled the cages.

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

Labor Force Participation

What percent of adults actually want to work. Been stuck since COVID like your uncle on the couch.

The VIX surged 17.1% over the past week to reach 30.61, signaling heightened fear in equity markets and placing volatility well into the high-stress territory typically associated with significant market uncertainty or turmoil. In contrast, the MOVE index measuring bond market volatility registered just 13.82 with a modest 1.4% weekly increase, indicating that fixed income markets remain relatively calm. This divergence suggests equity investors are pricing in considerably more near-term risk than their bond market counterparts, a dynamic that often emerges during periods of stock-specific concerns rather than broader systemic financial stress.

|| Market Sutra ||

"A bull ends when buyers stop caring about price."

— Meme stock mania peaked when fundamentals no longer mattered

Energy and Utilities are dominating sector leadership with 100% and 68% readings respectively, while defensive positioning is evident as Technology shows moderate strength at 32% and traditional cyclical sectors like Financials, Industrials, and Real Estate lag significantly near zero. Index breadth remains notably weak across major benchmarks, with SPY at only 20% and QQQ at 18%, creating a divergence between the narrow sector leadership in Energy and Utilities and the poor participation across the broader market.

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

Yesterday's data painted a mixed picture as Consumer Confidence surged to 91.8 versus 88.0 expected—a notable beat that contrasts with housing weakness, where Case-Shiller's 1.2% year-over-year gain marked the slowest pace since early 2012 and missed estimates for the third consecutive month. Chicago PMI dropped sharply to 52.8 from 57.7, missing expectations by 2.2 points in the steepest monthly decline since late 2023, while JOLT openings fell to 6.882 million, near the lowest level since 2021 and signaling continued labor market cooling. Today's retail sales data dominated with a clean sweep of beats—headline MoM came in at 0.6% versus 0.3% expected and the core ex-autos print at 0.5% versus 0.3%—though this strength will be weighed against ISM Manufacturing at 52.7 (barely above estimates) and tomorrow's jobless claims, where initial filings are expected to tick up to 212K from 210K as markets watch for any acceleration in labor softness that could influence Fed speakers Musalem and Barr today, followed by Logan and Bowman tomorrow.

Exchange-traded funds rotated out of payment processors, enterprise software, and healthcare stalwarts during the period, with 1,965 ETFs reducing Visa positions, 1,847 trimming Salesforce, and 1,778 cutting Johnson & Johnson. Simultaneously, institutional money flowed into social media and semiconductor names, as 2,713 ETFs added Meta Platforms and 2,628 increased Broadcom holdings, while 2,437 accumulated pharmaceutical giant AbbVie, suggesting a shift from diversified healthcare into focused pharma exposure.

META Meta Platforms, Inc. ⭐

+ Buying Falling Stock 5D -3.5% 3M -13.1% 1Y -0.6%

2713 ETFs • 0 shares

AVGO Broadcom Inc. ⭐

+ Buying Falling Stock 5D -2.7% 3M -11.4% 1Y +83.8%

2628 ETFs • 0 shares

ABBV AbbVie Inc. ⭐

+ Buying Falling Stock 5D +6.0% 3M -5.8% 1Y +8.6%

2437 ETFs • 0 shares

JNJ Johnson & Johnson ⭐

▲ + Buying Rising Stock 5D +3.9% 3M +17.8% 1Y +52.7%

2389 ETFs • 0 shares

PANW Palo Alto Networks, Inc. ⭐

+ Buying Falling Stock 5D +2.0% 3M -14.2% 1Y -7.2%

2385 ETFs • 0 shares

V Visa Inc. ⭐

- Selling Falling Stock 5D -0.6% 3M -14.8% 1Y -11.4%

1965 ETFs • 0 shares

CRM Salesforce, Inc. ⭐

- Selling Falling Stock 5D +2.0% 3M -29.9% 1Y -30.4%

1847 ETFs • 0 shares

JNJ Johnson & Johnson ⭐

▲ - Selling Rising Stock 5D +3.9% 3M +17.8% 1Y +52.7%

1778 ETFs • 0 shares

AVGO Broadcom Inc. ⭐

- Selling Falling Stock 5D -2.7% 3M -11.4% 1Y +83.8%

1748 ETFs • 0 shares

NFLX Netflix, Inc. ⭐

▲ - Selling Rising Stock 5D +5.7% 3M +2.1% 1Y +2.9%

1748 ETFs • 0 shares

Rep. Tim Moore purchased shares of Cracker Barrel (CBRL) and made multiple purchases of LGI Homes (LGIH), while divesting from Krispy Kreme (DNUT). Meanwhile, Rep. Warren Davidson sold GE HealthCare (GEHC) and Rep. David Taylor reduced his position in Chevron (CVX), with the activity showing concentrated buying interest in consumer discretionary and homebuilding sectors alongside exits from healthcare and energy positions.

CBRL Cracker Barrel Old Country Store, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D +3.2% 3M +11.0% 1Y -28.6%

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

LGIH LGI Homes, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D +5.8% 3M -8.6% 1Y -39.9%

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

LGIH LGI Homes, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D +5.8% 3M -8.6% 1Y -39.9%

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

LGIH LGI Homes, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D +5.8% 3M -8.6% 1Y -39.9%

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

HD The Home Depot, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D -0.7% 3M -5.4% 1Y -6.5%

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

GEHC GE HealthCare Technologies Inc. ⭐ CONGRESS

- Selling Falling Stock 5D +0.3% 3M -14.4% 1Y -10.9%

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

DNUT Krispy Kreme, Inc. ⭐ CONGRESS

▲ - Selling Rising Stock 5D +0.0% 3M -18.7% 1Y -31.6%

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

CVX Chevron Corporation ⭐ CONGRESS

▲ - Selling Rising Stock 5D +0.0% 3M +37.0% 1Y +28.9%

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

MPC Marathon Petroleum Corporation ⭐ CONGRESS

▲ - Selling Rising Stock 5D +0.1% 3M +49.3% 1Y +72.3%

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

Multiple insiders at META executed 42 transactions involving purchases or award activities, while CRM recorded 8 similar insider transactions during this period. On the distribution side, WHLR saw 6 insiders sell positions totaling $31.4 billion, GRDN had 10 insiders reduce holdings worth $419.3 million, and WMT reported 5 insiders selling approximately $407.0 million in shares.

META Meta Platforms, Inc. ⭐ INSIDER

+ Buying Falling Stock 5D -3.5% 3M -13.1% 1Y -0.6%

42 insiders • $8.4B

CRM Salesforce, Inc. ⭐ INSIDER

+ Buying Falling Stock 5D +2.0% 3M -29.9% 1Y -30.4%

8 insiders • $132.9M

NONE NONE ⭐ INSIDER

▲ + Buying Rising Stock

2 insiders • $75.0M

WVE Wave Life Sciences Ltd. ⭐ INSIDER

+ Buying Falling Stock 5D -37.7% 3M -59.4% 1Y -15.9%

4 insiders • $54.6M

MGM MGM Resorts International ⭐ INSIDER

▲ + Buying Rising Stock 5D -0.3% 3M -0.4% 1Y +21.9%

2 insiders • $37.2M

WHLR Wheeler Real Estate Investment Trust, Inc. ⭐ INSIDER

- Selling Falling Stock 5D -21.6% 3M -49.7% 1Y -99.6%

6 insiders • $31449.6B

GRDN Guardian Pharmacy Services, Inc. ⭐ INSIDER

▲ - Selling Rising Stock 5D +0.2% 3M +21.6% 1Y +86.9%

10 insiders • $419.3M

WMT Walmart Inc. ⭐ INSIDER

- Selling Falling Stock 5D +1.8% 3M +10.4% 1Y +47.0%

5 insiders • $407.0M

DELL Dell Technologies Inc. ⭐ INSIDER

▲ - Selling Rising Stock 5D -7.2% 3M +28.8% 1Y +80.4%

168 insiders • $356.8M

AVGO Broadcom Inc. ⭐ INSIDER

- Selling Falling Stock 5D -2.7% 3M -11.4% 1Y +83.8%

16 insiders • $250.0M

Seventy-six companies report earnings today, with institutional accumulation patterns evident in XOM.NE and 5942.T ahead of their releases. Distribution signals have emerged in MAPI.JK and BSDE.JK, also scheduled to report today. Yesterday's session saw notable moves with KOD gaining 74.5%, PPTA advancing 11.7%, and USAS declining 10.2%.

📊 Previous Earnings — March 31, 2026

332 reported • ✅ 10 beats • ❌ 10 misses

KOD Kodiak Sciences Inc. ⭐ MISS +74.5%

70

▲ + Buying Rising Stock

EPS: $-1.04 vs $-1.02 est (-2.0%)

PPTA Perpetua Resources Corp. ⭐ MISS +11.7%

30

+ Buying Falling Stock

EPS: $-0.61 vs $-0.01 est (-6000.0%)

USAS Americas Gold and Silver Corporation ⭐ MISS -10.2%

30

+ Buying Falling Stock

EPS: $-0.03 vs $0.03 est (-200.0%)

FDS FactSet Research Systems Inc. ⭐ BEAT +10.1%

30

+ Buying Falling Stock

EPS: $4.46 vs $4.37 est (+2.1%)

4240.SR Fawaz Abdulaziz Al Hokair & Company ⭐ BEAT +9.7%

30

+ Buying Falling Stock

EPS: $0.23 vs $-2.24 est (+110.3%)

RH Rh ⭐ MISS +8.6%

30

+ Buying Falling Stock

EPS: $1.53 vs $2.21 est (-30.8%)

CHA Chagee Holdings Limited American Depositary Shares ⭐ MISS -7.9%

30

+ Buying Falling Stock

EPS: $0.07 vs $0.19 est (-63.2%)

PVLA Palvella Therapeutics, Inc. ⭐ MISS +7.2%

70

▲ + Buying Rising Stock

EPS: $-1.08 vs $-0.91 est (-18.5%)

SKE.TO Skeena Resources Limited ⭐ MISS +6.7%

30

+ Buying Falling Stock

EPS: $-0.60 vs $-0.09 est (-543.1%)

AG1.DE AUTO1 Group SE ⭐ MISS -6.2%

30

+ Buying Falling Stock

EPS: $0.07 vs $0.09 est (-23.8%)

🎯 Reporting Today — April 01, 2026

76 reporting • Smart Money: 10 acc • 52 dist • 14 neut

XOM.NE Exxon Mobil Corporation ⭐

70

▲ + Buying Rising Stock

5942.T Nippon Filcon Co., Ltd. ⭐

70

▲ + Buying Rising Stock

LPPSY LPP S.A. ⭐

70

▲ + Buying Rising Stock

EPS: $0.53 vs $0.00 est

DELKY Delek Group Ltd. ⭐

70

▲ + Buying Rising Stock

UNF UniFirst Corporation ⭐

70

▲ + Buying Rising Stock

EPS: $-1.97 vs $1.21 est

KEN Kenon Holdings Ltd. ⭐

70

▲ + Buying Rising Stock

3050.SR Southern Province Cement Company ⭐

70

▲ + Buying Rising Stock

6896.HK Golden Throat Holdings Group Company Limited ⭐

70

▲ + Buying Rising Stock

1713.HK Sichuan Energy Investment Development Co., Ltd. ⭐

70

▲ + Buying Rising Stock

2051.HK Vala Inc. ⭐

70

▲ + Buying Rising Stock

KDDIY KDDI Corporation ⭐

50

+ Buying Falling Stock

EPS: $0.33 vs $0.33 est

2252.HK Shanghai MicroPort MedBot (Group) Co., Ltd. ⭐

50

+ Buying Falling Stock

002961.SZ Ruida Futures Co., Ltd. ⭐

50

+ Buying Falling Stock

2362.HK Jinchuan Group International Resources Co. Ltd ⭐

50

▲ + Buying Rising Stock

002803.SZ Xiamen Jihong Technology Co., Ltd. ⭐

50

+ Buying Falling Stock

Institutional capital is executing a decisive rotation into large-cap technology and pharmaceuticals while abandoning diversified payment, software, and healthcare exposure. Meta Platforms (META) led accumulation activity with 2,713 ETFs adding positions and 42 insider transactions involving purchases or award activities, while Salesforce (CRM) saw conflicting flows with 1,847 ETFs trimming holdings even as insiders executed 8 transactions and the stock registered 30 accumulation signals overall. Broadcom (BCRA) attracted 2,628 ETF buyers, and AbbVie (ABBV) captured 2,437 funds in a clear pivot from diversified healthcare names like Johnson & Johnson (JNJ), which 1,778 ETFs exited. On the distribution side, Wheeler Real Estate Investment Trust (WHLR) saw 6 insiders unload $31.4 billion, Garden Real Estate (GRDN) recorded 10 insider sales totaling $419.3 million, and Walmart (WMT) experienced 5 insiders selling approximately $407.0 million in shares. Congressional activity revealed concentrated buying in consumer discretionary and homebuilding, with Rep. Tim Moore purchasing Cracker Barrel (CBRL) and making multiple buys of LGI Homes (LGIH) while selling Krispy Kreme (DNUT), as Rep. Warren Davidson exited GE HealthCare (GEHC) and Rep. David Taylor reduced Chevron (CVX) exposure. Market structure is flashing warning signals as equity fear surges while bond markets remain complacent, with the VIX jumping 17.1% over the past week to reach 30.61—well into high-stress territory—even as the MOVE index measuring bond volatility registered just 13.82 with only a 1.4% weekly increase. This divergence typically indicates stock-specific concerns rather than systemic financial stress, a dynamic reinforced by extreme sector bifurcation where Energy commands 100% leadership and Utilities reach 68% strength while traditional growth and cyclical sectors languish near zero. Breadth deterioration is severe, with SPY registering only 20% participation and QQQ at 18%, creating a dangerous divergence between narrow defensive leadership and the broader market's inability to participate. Technology shows moderate 32% strength amid the wreckage, but Financials, Industrials, and Real Estate are posting readings near zero as investors abandon cyclical exposure. Today's economic data provided conflicting signals that will test the narrow market leadership, with retail sales delivering a clean sweep of beats—headline MoM at 0.6% versus 0.3% expected and core ex-autos at 0.5% versus 0.3%—suggesting consumer resilience that contrasts sharply with yesterday's housing weakness where Case-Shiller's 1.2% year-over-year gain marked the slowest pace since early 2012. The Chicago PMI plunge to 52.8 from 57.7 represented the steepest monthly decline since late 2023, while JOLT openings fell to 6

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