The Edge

🐷 PIG ROAST

💬 Word on the Street

While Rep. David Taylor quietly scooped up shares of Installed Building Products (IBP) and Walmart (WMT) insiders dumped a staggering $405.4 million, the real fireworks happened after the bell where three moonshot stocks ripped higher on everything from crypto-crushing tech infrastructure gains to AI optical fever dreams that have estimates scrambling to catch up. Smart money poured $8.6 billion net into equities today even as the VIX cooled off, and one space stock that's already up 324% over the past year just tacked on another 10% while retail investors pile in like they're chasing the next SpaceX. 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

Retail Sales

How much consumers are swiping. Strong = economy humming. Weak = Amazon packages stop showing up.

Equity volatility remains elevated with the VIX at 24.54, though the 3.1% weekly decline suggests some moderation in investor fear levels from recent peaks. This contrasts sharply with bond market volatility, where the MOVE index dropped 22.2% to 11.51, indicating significantly reduced concern about interest rate movements. The divergence between equity and fixed income volatility metrics suggests investors are pricing in continued uncertainty for stocks while gaining confidence in the stability of the Treasury market.

|| Market Sutra ||

"Hope is the costliest position you can hold."

— Investors holding FTX tokens prayed for recovery until zero

Market breadth remains weak across major indices, with fewer than one in five stocks advancing in the SPY, QQQ, and DIA, suggesting a narrow leadership environment. Energy, Utilities, and Technology are capturing the majority of relative strength while defensive positioning appears evident given Real Estate and Financials lag significantly at 6% and 0% respectively. The concentration in traditionally defensive sectors like Utilities alongside Energy, combined with severely limited index participation, indicates investors are rotating into selective pockets rather than participating in broad-based risk-taking.

As of April 1, Fed net liquidity stood at $6.68 trillion, up $18.2 billion week-over-week, with the next H.4.1 release scheduled for Thursday, April 9. The $18.2 billion increase in net liquidity typically correlates with expanded financial system capacity, as rising liquidity has historically coincided with periods when risk assets experience upward price pressure due to increased available capital in the banking system.

March's labor market data showed a sharp reversal from February's tariff-shock weakness, with non-farm payrolls adding 178K jobs versus the 60K estimate—a 118K beat that more than erased the prior month's revised -133K print, while the unemployment rate ticked down to 4.3% from 4.4%. The miss on wage growth, however, presents a conflicting signal: average hourly earnings rose just 0.2% month-over-month against the 0.3% estimate and slowed to 3.5% year-over-year from 3.8%, suggesting labor market tightness may be easing even as headline job creation rebounded. Today's ISM Services PMI (estimated at 55.0 versus 56.1 prior) and tomorrow's durable goods orders will test whether the services sector—which represents roughly 70% of GDP—is holding up amid manufacturing pressures, with particular focus on the ISM's employment and prices paid components for clues on whether March's jobs rebound has legs and whether inflation pressures are truly moderating.

Institutional flow data shows a mixed technology positioning this quarter, with MSFT and AVGO appearing among both the most-added (3,795 and 3,398 ETFs respectively) and most-removed positions (2,849 and 2,310 ETFs), while META saw concentrated buying from 3,542 ETFs. The even 10-to-10 split between funds adding versus removing positions suggests sector-level indecision, with healthcare's JNJ appearing among the top redemptions as 2,335 ETFs reduced their stakes.

MSFT Microsoft Corporation ⭐

+ Buying Falling Stock 5D +2.0% 3M -22.8% 1Y -1.8%

3795 ETFs • 0 shares

META Meta Platforms, Inc. ⭐

+ Buying Falling Stock 5D +4.9% 3M -13.0% 1Y -1.8%

3542 ETFs • 0 shares

AVGO Broadcom Inc. ⭐

+ Buying Falling Stock 5D +1.7% 3M -9.1% 1Y +87.4%

3398 ETFs • 0 shares

MU Micron Technology, Inc. ⭐

+ Buying Falling Stock 5D +3.1% 3M +28.3% 1Y +313.5%

3267 ETFs • 0 shares

JNJ Johnson & Johnson ⭐

▲ + Buying Rising Stock 5D +1.6% 3M +17.4% 1Y +62.2%

3047 ETFs • 0 shares

MSFT Microsoft Corporation ⭐

- Selling Falling Stock 5D +2.0% 3M -22.8% 1Y -1.8%

2849 ETFs • 0 shares

JNJ Johnson & Johnson ⭐

▲ - Selling Rising Stock 5D +1.6% 3M +17.4% 1Y +62.2%

2335 ETFs • 0 shares

AVGO Broadcom Inc. ⭐

- Selling Falling Stock 5D +1.7% 3M -9.1% 1Y +87.4%

2310 ETFs • 0 shares

NFLX Netflix, Inc. ⭐

▲ - Selling Rising Stock 5D +5.7% 3M +5.2% 1Y +6.3%

2270 ETFs • 0 shares

META Meta Platforms, Inc. ⭐

- Selling Falling Stock 5D +4.9% 3M -13.0% 1Y -1.8%

2243 ETFs • 0 shares

# Congressional Trading Activity Recent congressional filings show Rep. David Taylor rotated out of grocery retailer KR and into IBP, while Rep. Tim Moore made multiple moves by selling donut chain DNUT and purchasing casual dining stock CBRL along with homebuilder LGIH. Rep. Warren Davidson reduced his position in medical technology company GEHC during this period. The transactions reveal activity concentrated in consumer-facing sectors, with two representatives making changes to their restaurant industry holdings.

IBP Installed Building Products, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D +1.4% 3M +3.6% 1Y +56.4%

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

CBRL Cracker Barrel Old Country Store, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D +3.9% 3M +13.7% 1Y -28.4%

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

LGIH LGI Homes, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D -3.1% 3M -11.2% 1Y -42.2%

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

LGIH LGI Homes, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D -3.1% 3M -11.2% 1Y -42.2%

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

LGIH LGI Homes, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D -3.1% 3M -11.2% 1Y -42.2%

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

KR The Kroger Co. ⭐ CONGRESS

▲ - Selling Rising Stock 5D +0.8% 3M +15.8% 1Y +7.8%

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

GEHC GE HealthCare Technologies Inc. ⭐ CONGRESS

- Selling Falling Stock 5D -1.6% 3M -14.2% 1Y -11.5%

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

DNUT Krispy Kreme, Inc. ⭐ CONGRESS

▲ - Selling Rising Stock 5D -0.6% 3M -15.4% 1Y -29.5%

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

BRK/B BRK/B ⭐ CONGRESS

▲ - Selling Rising Stock

Rep. Mark Alford (Mark Alford) • $1,001 - $15,000

DIA State Street SPDR Dow Jones Industrial Average ETF Trust ⭐ CONGRESS

- Selling Falling Stock 5D +1.2% 3M -3.2% 1Y +12.1%

Rep. Mark Alford (Mark Alford) • $1,001 - $15,000

Insider activity showed balanced signals with 15 accumulation versus 15 distribution events this period. Notable cluster selling occurred at WMT where 4 insiders disposed of $405.4M in shares, AVGO with 16 insiders offloading $250M, and CRWV where 105 insiders collectively sold $192.5M, while IPX saw coordinated purchasing from 15 insiders.

PAM Pampa Energía S.A. ⭐ INSIDER

▲ + Buying Rising Stock 5D +6.0% 3M +0.8% 1Y +13.3%

2 insiders • $8.8B

SVRE SaverOne 2014 Ltd ⭐ INSIDER

+ Buying Falling Stock 5D +14.3% 3M +156.9% 1Y -87.8%

4 insiders • $1.1B

IPX IperionX Limited ⭐ INSIDER

+ Buying Falling Stock 5D +23.9% 3M -24.8% 1Y +53.2%

15 insiders • $83.4M

CVS CVS Health Corporation ⭐ INSIDER

+ Buying Falling Stock 5D +3.2% 3M -7.4% 1Y +11.3%

17 insiders • $70.6M

ULTA Ulta Beauty, Inc. ⭐ INSIDER

+ Buying Falling Stock 5D +3.0% 3M -11.2% 1Y +43.7%

6 insiders • $67.6M

WMT Walmart Inc. ⭐ INSIDER

- Selling Falling Stock 5D +3.0% 3M +12.9% 1Y +42.6%

4 insiders • $405.4M

AVGO Broadcom Inc. ⭐ INSIDER

- Selling Falling Stock 5D +1.7% 3M -9.1% 1Y +87.4%

16 insiders • $250.0M

CRWV CoreWeave, Inc. Class A Common Stock ⭐ INSIDER

- Selling Falling Stock 5D +2.2% 3M +14.8% 1Y +56.4%

105 insiders • $192.5M

DELL Dell Technologies Inc. ⭐ INSIDER

▲ - Selling Rising Stock 5D -0.8% 3M +38.5% 1Y +92.3%

49 insiders • $172.9M

PBF PBF Energy Inc. ⭐ INSIDER

▲ - Selling Rising Stock 5D -9.9% 3M +67.4% 1Y +143.2%

24 insiders • $171.7M

Thirty-three companies report earnings today, with MDKA.JK and 7630.T showing recent accumulation patterns ahead of their results, while SCMA.JK and 3148.T have experienced distribution activity. Yesterday's session saw AXIA gain 6.3% among notable movers. No companies are scheduled to report tomorrow.

📊 Previous Earnings — April 03, 2026

37 reported • ✅ 2 beats • ❌ 0 misses

AXIA AXIA Energia S.A. ⭐ BEAT +6.3%

30

+ Buying Falling Stock

EPS: $0.19 vs $0.18 est (+7.9%)

FJTSY Fujitsu Limited ⭐ BEAT +0.7%

30

+ Buying Falling Stock

EPS: $0.34 vs $0.24 est (+37.3%)

INKP.JK PT Indah Kiat Pulp & Paper Tbk ⭐

50

▲ + Buying Rising Stock

VSMO.ME public stock company VSMPO-AVISMA Corporation ⭐

30

+ Buying Falling Stock

3612.T World Co., Ltd. ⭐

30

+ Buying Falling Stock

001965.SZ China Merchants Expressway Network & Technology Holdings Co.,Ltd. ⭐

70

▲ + Buying Rising Stock

002422.SZ Sichuan Kelun Pharmaceutical Co., Ltd. ⭐

70

▲ + Buying Rising Stock

82331.HK Li Ning Company Limited ⭐

70

▲ + Buying Rising Stock

600061.SS SDIC Capital Co.,Ltd ⭐

30

+ Buying Falling Stock

6264.T Marumae Co., Ltd. ⭐

50

+ Buying Falling Stock

🎯 Reporting Today — April 06, 2026

33 reporting • Smart Money: 7 acc • 19 dist • 7 neut

MDKA.JK PT Merdeka Copper Gold Tbk ⭐

70

▲ + Buying Rising Stock

7630.T Ichibanya Co., Ltd. ⭐

70

▲ + Buying Rising Stock

GIVSY Grupo de Inversiones Suramericana S.A. ⭐

70

▲ + Buying Rising Stock

EPS: $-1.98 vs $0.00 est

GIVPY Grupo de Inversiones Suramericana S.A. ⭐

70

▲ + Buying Rising Stock

EPS: $-0.49 vs $0.00 est

0QN7.L Vaudoise Assurances Holding S.A. ⭐

70

▲ + Buying Rising Stock

EPS: $24.80 vs $0.00 est

VAHN.SW Vaudoise Assurances Holding S.A. ⭐

70

▲ + Buying Rising Stock

EPS: $24.80 vs $0.00 est

HLFGY Hilton Food Group plc ⭐

70

▲ + Buying Rising Stock

3186.T NEXTAGE Co., Ltd. ⭐

50

+ Buying Falling Stock

2685.T AND ST HD Co.Ltd. ⭐

50

+ Buying Falling Stock

6474.T Nachi-Fujikoshi Corp. ⭐

50

+ Buying Falling Stock

2753.T Amiyaki Tei Co., Ltd. ⭐

50

▲ + Buying Rising Stock

W8A.DE Walgreens Boots Alliance, Inc. ⭐

50

▲ + Buying Rising Stock

2408.T KG Intelligence Co. Ltd. ⭐

50

▲ + Buying Rising Stock

TIIAY Telecom Italia S.p.A. ⭐

50

+ Buying Falling Stock

EPS: $-0.11 vs $0.60 est

SCMA.JK PT Surya Citra Media Tbk ⭐

30

+ Buying Falling Stock

Smart money flows present a fractured picture as institutional, insider, and congressional participants move in different directions across overlapping names. Institutional investors showed indecision in technology, with Microsoft (MSFT) added by 3,795 ETFs yet removed by 2,849, and Broadcom (AVGO) added by 3,398 funds while dropped by 2,310, suggesting sector-level uncertainty despite Meta Platforms (META) attracting concentrated buying from 3,542 ETFs. Insider activity reinforced caution around these same names, with 16 insiders at Broadcom (AVGO) collectively offloading $250 million in shares while Walmart (WMT) saw four insiders dispose of $405.4 million and Crownview (CRWV) experienced coordinated selling from 105 insiders totaling $192.5 million. Congressional activity concentrated in consumer-facing sectors, with Rep. Tim Moore exiting Krispy Kreme (DNUT) while purchasing Cracker Barrel Old Country Store (CBRL) and LGI Homes (LGIH), and Rep. Warren Davidson reducing his stake in GE HealthCare Technologies (GEHC), signaling selective repositioning rather than broad conviction. Market structure reflects defensive rotation under stress, with the VIX elevated at 24.54 even as the MOVE index collapsed 22.2% to 11.51, creating an unusual divergence where equity volatility remains elevated while bond market concerns have substantially eased. Breadth deterioration across major indices shows fewer than one in five stocks advancing in the SPY, QQQ, and DIA, forcing capital into narrow leadership pockets dominated by Energy, Utilities, and Technology while traditionally rate-sensitive sectors like Real Estate and Financials lag at just 6% and 0% relative strength respectively. The concentration in defensive Utilities alongside Energy, combined with severely limited participation rates, suggests investors are skeptical of sustainability and rotating into selective havens rather than embracing broad-based risk, a positioning stance that typically emerges during transitional market regimes where the path forward remains unclear. The week ahead hinges on whether March's labor market rebound—178,000 jobs added versus the 60,000 estimate, erasing February's revised negative 133,000 print—represents genuine economic stabilization or statistical noise, particularly given the conflicting wage growth miss where average hourly earnings rose just 0.2% month-over-month against 0.3% estimates and decelerated to 3.5% year-over-year from 3.8%. Today's ISM Services PMI, estimated at 55.0 versus the prior 56.1, becomes the critical test of whether the services sector representing roughly 70% of GDP is holding up amid manufacturing pressures, with particular focus on employment and prices paid components for confirmation that job market strength has legs and inflation pressures are genuinely moderating. The accumulation signals registering 30 events against zero distribution signals, with Meta Platforms (META), Citigroup (C), and The Trade Desk (TTD) leading the list, present a technical counterpoint to the cautious smart

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