The Edge

🐷 PIG ROAST

💬 Word on the Street

While VIX cratered 13% and everyone pretended calm returned to markets, four insiders at Walmart (WMT) quietly unloaded $405.4 million in stock—the kind of exit that makes you wonder what they're seeing in those weekly sales numbers. Meanwhile, Rep. David Taylor picked up shares of Installed Building Products (IBP), AppLovin (APP) popped 6.8% on an analyst upgrade despite being down 33% this year, and MicroStrategy (MSTR) somehow rallied another 6.6% while sitting on $14 billion in Bitcoin paper losses. 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

Housing Starts

How many new homes builders broke ground on. When mortgage rates are 8%, this number goes to sleep.

Equity volatility remains elevated with the VIX at 23.87, though the 13.0% weekly decline suggests some easing of fear in stock markets from higher levels. The picture diverges sharply in fixed income, where the MOVE index dropped 42.9% to 10.48, indicating unusually low bond market volatility and a stark contrast to the lingering caution still present in equity markets. This split between asset classes reflects uncertainty about equity direction while bond traders appear relatively sanguine about interest rate movements.

|| Market Sutra ||

"When the data whispers, the market listens."

— Soft inflation prints in late 2022 triggered massive rotation before the Fed acknowledged it

Energy is demonstrating the strongest relative performance with full participation, while Utilities and Technology are showing meaningful but more moderate leadership at 68% and 32% respectively. The market is experiencing notably weak breadth across major indices, with SPY, QQQ, and DIA all registering participation below 21%, suggesting gains are concentrated in a narrow set of names even within the leading sectors. Real Estate, Industrials, and Financials are lagging significantly, creating a bifurcated market where defensive sectors like Utilities are performing alongside more cyclical areas like Energy, an unusual combination that reflects mixed economic signals.

Federal Reserve net liquidity stood at $6.68 trillion as of April 1st, increasing $18.2 billion week-over-week, which typically correlates with expanded market liquidity conditions when the metric rises. The next H.4.1 statistical release providing updated Fed balance sheet data drops Thursday, April 9th.

Yesterday's ISM services data painted a concerning stagflationary picture as the prices paid component surged to 70.7—beating estimates of 67.0 and jumping 7.7 points from February's 63.0—while the headline PMI disappointed at 54.0 versus 54.8 expected and employment collapsed to 45.2, missing estimates by 5.8 points and falling deep into contraction territory from 51.8 prior. The 70.7 prices reading marks the highest level since June 2022 when the Fed was aggressively hiking rates, suggesting persistent inflation pressures in the services sector which comprises roughly 70% of the U.S. economy. Today's focus shifts to February durable goods orders where headline orders are expected to decline 0.5% after a 0.4% gain, though the core ex-transportation measure is forecast to rise 0.5% versus 0.4% prior, while tomorrow brings heightened scrutiny on FOMC minutes and speeches from Fed officials Daly, Waller, and the critical policy discussion as markets weigh whether yesterday's sticky services inflation combined with weakening employment will complicate the Fed's rate path deliberations.

Large-cap technology names dominated institutional ETF flows this period, with MSFT drawing additions from 3,531 ETFs despite 2,710 simultaneously reducing positions, while semiconductor exposure expanded via AVGO and MU accumulation by 3,185 and 3,068 funds respectively. The removal activity showed a defensive rotation away from healthcare stalwart JNJ (2,251 ETFs selling) and streaming leader NFLX (2,197 ETFs selling), suggesting institutions rebalanced from consumer discretionary and healthcare into chip-heavy technology sectors.

MSFT Microsoft Corporation ⭐

+ Buying Falling Stock 5D +4.5% 3M -21.0% 1Y -1.9%

3531 ETFs • 0 shares

AVGO Broadcom Inc. ⭐

+ Buying Falling Stock 5D +4.6% 3M -9.6% 1Y +83.5%

3185 ETFs • 0 shares

MU Micron Technology, Inc. ⭐

+ Buying Falling Stock 5D +5.8% 3M +19.8% 1Y +327.0%

3068 ETFs • 0 shares

JNJ Johnson & Johnson ⭐

▲ + Buying Rising Stock 5D +0.2% 3M +16.8% 1Y +58.5%

2900 ETFs • 0 shares

PANW Palo Alto Networks, Inc. ⭐

+ Buying Falling Stock 5D +10.1% 3M -9.8% 1Y -6.5%

2772 ETFs • 0 shares

MSFT Microsoft Corporation ⭐

- Selling Falling Stock 5D +4.5% 3M -21.0% 1Y -1.9%

2710 ETFs • 0 shares

JNJ Johnson & Johnson ⭐

▲ - Selling Rising Stock 5D +0.2% 3M +16.8% 1Y +58.5%

2251 ETFs • 0 shares

NFLX Netflix, Inc. ⭐

▲ - Selling Rising Stock 5D +5.9% 3M +8.7% 1Y +5.8%

2197 ETFs • 0 shares

AVGO Broadcom Inc. ⭐

- Selling Falling Stock 5D +4.6% 3M -9.6% 1Y +83.5%

2171 ETFs • 0 shares

MU Micron Technology, Inc. ⭐

- Selling Falling Stock 5D +5.8% 3M +19.8% 1Y +327.0%

2101 ETFs • 0 shares

Congressional trading activity shows Rep. David Taylor made offsetting moves by purchasing IBP while selling KR, both in the consumer staples sector. Representatives Tim Moore concentrated purchases in two positions (CBRL and LGIH), while Reps. Kevin Hern and Warren Davidson each reduced single healthcare-related holdings (EXAS and GEHC respectively).

IBP Installed Building Products, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D +2.1% 3M +0.1% 1Y +52.9%

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

CBRL Cracker Barrel Old Country Store, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D +10.9% 3M +11.2% 1Y -27.1%

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

LGIH LGI Homes, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D +3.0% 3M -6.9% 1Y -42.2%

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

LGIH LGI Homes, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D +3.0% 3M -6.9% 1Y -42.2%

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

LGIH LGI Homes, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D +3.0% 3M -6.9% 1Y -42.2%

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

EXAS Exact Sciences Corporation ⭐ CONGRESS

▲ - Selling Rising Stock 5D +1.0% 3M +3.5% 1Y +136.9%

Rep. Kevin Hern (Kevin Hern) • $1,001 - $15,000

KR The Kroger Co. ⭐ CONGRESS

▲ - Selling Rising Stock 5D -0.3% 3M +16.5% 1Y +10.2%

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

GEHC GE HealthCare Technologies Inc. ⭐ CONGRESS

- Selling Falling Stock 5D +1.7% 3M -15.0% 1Y -11.2%

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

PLD Prologis, Inc. ⭐ CONGRESS

- Selling Falling Stock 5D +2.7% 3M +2.6% 1Y +20.9%

Rep. Kevin Hern (Kevin Hern) • $50,001 - $100,000

TROW T. Rowe Price Group, Inc. ⭐ CONGRESS

- Selling Falling Stock 5D +1.0% 3M -14.6% 1Y -1.2%

Rep. Kevin Hern (Kevin Hern) • $15,001 - $50,000

Over the past week, 15 insiders at IPX coordinated purchases while 82 insiders at CRWV executed sales totaling $179.1M, representing the most concentrated cluster activity. Additional notable coordinated selling occurred at WMT where 4 insiders offloaded $405.4M in shares and at AVGO where 16 insiders disposed of $250.0M in holdings.

PAM Pampa Energía S.A. ⭐ INSIDER

▲ + Buying Rising Stock 5D +5.5% 3M +0.6% 1Y +13.2%

2 insiders • $8.8B

SVRE SaverOne 2014 Ltd ⭐ INSIDER

+ Buying Falling Stock 5D +20.4% 3M -34.2% 1Y -88.6%

3 insiders • $419.5M

IPX IperionX Limited ⭐ INSIDER

+ Buying Falling Stock 5D +16.2% 3M -32.6% 1Y +58.2%

15 insiders • $83.4M

CVS CVS Health Corporation ⭐ INSIDER

+ Buying Falling Stock 5D +4.5% 3M -7.8% 1Y +10.8%

17 insiders • $70.6M

ULTA Ulta Beauty, Inc. ⭐ INSIDER

+ Buying Falling Stock 5D +6.3% 3M -12.5% 1Y +41.9%

6 insiders • $67.6M

WMT Walmart Inc. ⭐ INSIDER

- Selling Falling Stock 5D +3.2% 3M +12.4% 1Y +42.2%

4 insiders • $405.4M

AVGO Broadcom Inc. ⭐ INSIDER

- Selling Falling Stock 5D +4.6% 3M -9.6% 1Y +83.5%

16 insiders • $250.0M

CRWV CoreWeave, Inc. Class A Common Stock ⭐ INSIDER

- Selling Falling Stock 5D +8.2% 3M +2.0% 1Y +31.9%

82 insiders • $179.1M

PBF PBF Energy Inc. ⭐ INSIDER

▲ - Selling Rising Stock 5D -9.5% 3M +63.8% 1Y +144.8%

22 insiders • $149.5M

RDW Redwire Corporation ⭐ INSIDER

- Selling Falling Stock 5D +21.3% 3M +9.6% 1Y +7.5%

2 insiders • $92.2M

Yesterday's session saw ATX.V surge 10.7%, while Japanese names 8923.T and TIIAY advanced 6.3% and 5.8% respectively. Today's earnings calendar features 32 companies, with accumulation signals noted in 1377.T and 2659.T, while institutional distribution has been detected in NCKL.JK and 2726.T ahead of their reports. No companies are scheduled to report tomorrow.

📊 Previous Earnings — April 06, 2026

33 reported • ✅ 1 beats • ❌ 3 misses

ATX.V ATEX Resources Inc. ⭐ MET +10.7%

30

+ Buying Falling Stock

EPS: $-0.06 vs $-0.06 est

8923.T Tosei Corporation ⭐ BEAT +6.3%

30

+ Buying Falling Stock

EPS: $104.99 vs $87.66 est (+19.8%)

TIIAY Telecom Italia S.p.A. ⭐ MISS +5.8%

50

+ Buying Falling Stock

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

KT KT Corporation ⭐ MISS -1.3%

30

+ Buying Falling Stock

EPS: $0.16 vs $0.18 est (-9.2%)

2685.T AND ST HD Co.Ltd. ⭐ MISS -0.9%

50

+ Buying Falling Stock

EPS: $-1.26 vs $57.05 est (-102.2%)

MDKA.JK PT Merdeka Copper Gold Tbk ⭐

70

▲ + Buying Rising Stock

SCMA.JK PT Surya Citra Media Tbk ⭐

30

+ Buying Falling Stock

3186.T NEXTAGE Co., Ltd. ⭐

50

+ Buying Falling Stock

EPS: $50.63 vs $0.00 est

3148.T Create SD Holdings Co., Ltd. ⭐

30

+ Buying Falling Stock

EPS: $66.87 vs $0.00 est

7630.T Ichibanya Co., Ltd. ⭐

70

▲ + Buying Rising Stock

EPS: $1.90 vs $0.00 est

🎯 Reporting Today — April 07, 2026

32 reporting • Smart Money: 10 acc • 15 dist • 7 neut

1377.T Sakata Seed Corporation ⭐

70

▲ + Buying Rising Stock

EPS: $40.96 vs $0.00 est

2659.T SAN-A CO.,Ltd. ⭐

70

▲ + Buying Rising Stock

EPS: $42.06 vs $0.00 est

9793.T Daiseki Co.,Ltd. ⭐

70

▲ + Buying Rising Stock

6496.T Nakakita Seisakusho Co., Ltd. ⭐

70

▲ + Buying Rising Stock

EPS: $104.96 vs $0.00 est

5932.T Sankyo Tateyama, Inc. ⭐

70

▲ + Buying Rising Stock

EPS: $2.33 vs $0.00 est

3396.T Felissimo Corporation ⭐

70

▲ + Buying Rising Stock

EPS: $4.30 vs $0.00 est

GEKTERNA.AT GEK TERNA Holdings, Real Estate, Construction S.A. ⭐

70

▲ + Buying Rising Stock

GKTRF GEK TERNA Holdings, Real Estate, Construction S.A. ⭐

70

▲ + Buying Rising Stock

JTC.L JTC Plc ⭐

70

▲ + Buying Rising Stock

DSKIF Daiseki Co.,Ltd. ⭐

70

▲ + Buying Rising Stock

EPS: $0.28 vs $0.00 est

9787.T Aeon Delight Co., Ltd. ⭐

50

▲ + Buying Rising Stock

8278.T Fuji Co., Ltd. ⭐

50

+ Buying Falling Stock

EPS: $58.64 vs $0.00 est

6469.T Hoden Seimitsu Kako Kenkyusho Co., Ltd. ⭐

50

▲ + Buying Rising Stock

JTCPF JTC Plc ⭐

50

▲ + Buying Rising Stock

AEHR Aehr Test Systems ⭐

50

▲ + Buying Rising Stock

Smart money flows reveal a pronounced technology concentration as institutions pile into semiconductor exposure, with Microsoft (MSFT) seeing net additions from 3,531 ETFs and chip names Broadcom (AVGO) and Micron Technology (MU) attracting accumulation from 3,185 and 3,068 funds respectively, even as institutions rotated defensively away from Johnson & Johnson (JNJ) with 2,251 ETFs selling and Netflix (NFLX) facing exits from 2,197 funds. The insider picture contrasts sharply with this institutional enthusiasm, as coordinated selling dominates recent activity—most notably 82 insiders at CRWV offloading $179.1 million, 4 insiders at Walmart (WMT) disposing of $405.4 million, and 16 insiders at Broadcom (AVGO) selling $250.0 million in shares despite the institutional inflows. Congressional positioning remained modest, with Rep. David Taylor executing offsetting consumer staples trades by purchasing IBP while selling Kroger (KR), Rep. Tim Moore concentrating purchases in Cracker Barrel (CBRL) and LGI Homes (LGIH), and Reps. Kevin Hern and Warren Davidson each trimming single healthcare positions in Exact Sciences (EXAS) and GE HealthCare Technologies (GEHC) respectively. Market structure signals considerable stress beneath the surface despite the VIX declining 13.0% weekly to 23.87, as participation across SPY, QQQ, and DIA registers below 21%, indicating gains remain concentrated in a narrow cohort of names even within leading sectors. The bond market tells a starkly different story, with the MOVE index plunging 42.9% to 10.48, reflecting unusual complacency about interest rate volatility that stands in sharp contrast to lingering equity caution. Sector leadership presents an unusual bifurcation with Energy showing the strongest relative performance alongside defensive Utilities at 68% participation and Technology at 32%, while Real Estate, Industrials, and Financials lag significantly—a combination of cyclical and defensive strength that typically emerges during periods of mixed economic signals. Accumulation signals outnumber distribution 30 to zero, with Citigroup (C), The Trade Desk (TTD), and AutoZone (AZO) leading the technical buy indicators, though the weak breadth metrics suggest this accumulation concentrates in select names rather than broad market strength. The immediate catalyst focus centers on whether yesterday's stagflationary ISM services data—where the prices paid component surged to 70.7, the highest reading since June 2022, while employment collapsed to 45.2 and fell deep into contraction—will influence Fed positioning ahead of today's February durable goods orders expected to decline 0.5% headline with a 0.5% core ex-transportation gain, and more critically tomorrow's FOMC minutes alongside speeches from Fed officials Daly and Waller. The combination of persistent inflation in services, which comprise roughly 70% of the economy, alongside weakening employment creates a challenging backdrop for the Fed

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