The Edge

🐷 PIG ROAST

💬 Word on the Street

While Rep. April Delaney quietly scooped up shares of Rollins Inc (ROL) and the Fed pumped $18.2 billion into the system, Intel (INTC) hijacked Elon Musk's Terafab AI project and rocketed 11% after-hours—even as insiders at Crown Castle Inc (CCI) dumped a staggering $266.6 million in what might be the biggest one-day exit we've tracked this quarter. The VIX just collapsed 15.8% to 25.8, but smart money recorded a $208.6 million net outflow today, suggesting the sharks are circling different waters than the headlines suggest. 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

Case-Shiller

Fancy house price index. Lags reality by three months but CNBC treats it like gospel.

The VIX currently sits at 25.78, indicating elevated fear in equity markets, though it declined 15.8% over the past week as some anxiety appears to be receding from recent highs. Meanwhile, the MOVE index at 11.05 reflects relatively subdued expectations for bond market volatility despite rising 8.6% week-over-week, presenting a divergent picture where equity traders remain cautious while fixed income markets show comparative calm. This split suggests investors are pricing in continued stock market uncertainty while maintaining confidence in the stability of the Treasury market.

|| Market Sutra ||

"You don't rise to your best trade; you fall to your worst habit."

— Overleveraging killed more traders in 2021–2022 than bad ideas

Market breadth remains notably weak across major indices, with only 20% of SPY components advancing and similar narrow participation in QQQ and DIA. Energy and Utilities are capturing the majority of institutional flows while traditional growth areas like Technology show only modest relative strength at 32%, creating a defensive rotation pattern as Real Estate, Industrials, and Financials attract minimal buying interest. This divergence between narrow leadership in defensive sectors and broad-based weakness across cyclical areas reflects a risk-off positioning among professional investors.

The Fed's net liquidity stood at $6.68 trillion as of April 01, up $18.2 billion from the prior week, indicating an expansion in available market liquidity that historically correlates with supportive conditions for risk assets. The next H.4.1 report releases Thursday, April 09, which will show whether this liquidity expansion continues or reverses.

Yesterday's energy data painted a mixed picture as crude oil inventories surged by 3.081M barrels against expectations of just 0.7M—a build more than four times consensus—while gasoline stocks drew down 1.589M versus the 1.4M estimate, signaling continued demand even as mortgage rates held near 6.5% for the second consecutive week. Today's focus centers on the Core PCE Price Index, the Fed's preferred inflation gauge, with the year-over-year reading expected to tick down to 3.0% from 3.1%, while the final Q4 GDP revision is forecast to show a sharp deceleration to 0.7% from the prior 4.4% estimate—a dramatic cooling that would mark the slowest quarterly growth since Q1 2023. Tomorrow brings the critical March CPI report where headline inflation is projected to jump to 3.4% year-over-year from 2.4%, driven by an unusually large 1.0% monthly gain versus February's 0.3%, which would represent the sharpest single-month increase since mid-2022 and potentially reignite concerns about the Fed's rate path.

Institutional flows show a technology sector concentration, with ETFs adding positions in mega-cap tech names MSFT, META, and AVGO, while simultaneously trimming exposure to consumer healthcare (JNJ) and streaming entertainment (NFLX). The data reveals balanced overall activity with 10 ETFs adding and 10 removing positions, suggesting selective rotation within portfolios rather than broad directional positioning.

MSFT Microsoft Corporation ⭐

+ Buying Falling Stock 5D +1.1% 3M -21.6% 1Y +4.6%

3531 ETFs • 0 shares

META Meta Platforms, Inc. ⭐

+ Buying Falling Stock 5D +7.0% 3M -7.3% 1Y +21.6%

3369 ETFs • 0 shares

AVGO Broadcom Inc. ⭐

+ Buying Falling Stock 5D +13.3% 3M +2.0% 1Y +140.7%

3185 ETFs • 0 shares

MU Micron Technology, Inc. ⭐

+ Buying Falling Stock 5D +20.4% 3M +18.4% 1Y +529.4%

3068 ETFs • 0 shares

JNJ Johnson & Johnson ⭐

▲ + Buying Rising Stock 5D -1.3% 3M +18.5% 1Y +61.0%

2900 ETFs • 0 shares

MSFT Microsoft Corporation ⭐

- Selling Falling Stock 5D +1.1% 3M -21.6% 1Y +4.6%

2710 ETFs • 0 shares

JNJ Johnson & Johnson ⭐

▲ - Selling Rising Stock 5D -1.3% 3M +18.5% 1Y +61.0%

2251 ETFs • 0 shares

NFLX Netflix, Inc. ⭐

▲ - Selling Rising Stock 5D +3.4% 3M +9.6% 1Y +16.1%

2197 ETFs • 0 shares

AVGO Broadcom Inc. ⭐

- Selling Falling Stock 5D +13.3% 3M +2.0% 1Y +140.7%

2171 ETFs • 0 shares

MU Micron Technology, Inc. ⭐

- Selling Falling Stock 5D +20.4% 3M +18.4% 1Y +529.4%

2101 ETFs • 0 shares

Rep. April Delaney purchased shares in three companies: Rollins Inc (ROL), Tractor Supply Company (TSCO), and Nasdaq Inc (NDAQ). Rep. Gilbert Cisneros sold positions in Charles Schwab (SCHW), Advanced Energy Industries (AEIS), and Flex Ltd (FLEX), representing a pattern of one member adding new positions while another reduced holdings across their portfolio.

ROL Rollins, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D +2.4% 3M -7.8% 1Y +5.7%

Rep. April Delaney (April Delaney) • $1,001 - $15,000

TSCO Tractor Supply Company ⭐ CONGRESS

+ Buying Falling Stock 5D -0.0% 3M -9.6% 1Y -12.5%

Rep. April Delaney (April Delaney) • $1,001 - $15,000

NDAQ Nasdaq, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D +3.8% 3M -12.5% 1Y +30.2%

Rep. April Delaney (April Delaney) • $1,001 - $15,000

SGI Somnigroup International Inc ⭐ CONGRESS

+ Buying Falling Stock 5D +4.7% 3M -14.7% 1Y +37.2%

Rep. April Delaney (April Delaney) • $1,001 - $15,000

ENTG Entegris, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D +10.5% 3M +30.3% 1Y +98.9%

Rep. April Delaney (April Delaney) • $1,001 - $15,000

SCHW The Charles Schwab Corporation ⭐ CONGRESS

- Selling Falling Stock 5D +2.9% 3M -6.3% 1Y +41.3%

Rep. Gilbert Cisneros (Gilbert Cisneros) • $1,001 - $15,000

AEIS Advanced Energy Industries, Inc. ⭐ CONGRESS

▲ - Selling Rising Stock 5D +13.7% 3M +59.8% 1Y +365.3%

Rep. Gilbert Cisneros (Gilbert Cisneros) • $1,001 - $15,000

FLEX Flex Ltd. ⭐ CONGRESS

▲ - Selling Rising Stock 5D +11.8% 3M +17.9% 1Y +174.3%

Rep. Gilbert Cisneros (Gilbert Cisneros) • $1,001 - $15,000

TECH Bio-Techne Corporation ⭐ CONGRESS

- Selling Falling Stock 5D +5.6% 3M -15.3% 1Y +7.2%

Rep. April Delaney (April Delaney) • $1,001 - $15,000

BRK/B BRK/B ⭐ CONGRESS

▲ - Selling Rising Stock

Rep. Gilbert Cisneros (Gilbert Cisneros) • $1,001 - $15,000

Recent insider filings show significant cluster activity with 17 insiders purchasing shares of CVS, while on the selling side, 201 insiders at UTHR collectively disposed of $71.8 million in stock and 90 insiders at CRWV sold a combined $266.6 million. The week's activity resulted in an even split with 15 accumulation signals balanced against 15 distribution signals across all tracked companies.

SVRE SaverOne 2014 Ltd ⭐ INSIDER

+ Buying Falling Stock 5D +13.4% 3M -34.3% 1Y -86.1%

2 insiders • $324.0M

IPX IperionX Limited ⭐ INSIDER

+ Buying Falling Stock 5D +18.9% 3M -27.3% 1Y +118.3%

15 insiders • $83.4M

CVS CVS Health Corporation ⭐ INSIDER

+ Buying Falling Stock 5D +9.7% 3M -1.6% 1Y +27.4%

17 insiders • $70.6M

ULTA Ulta Beauty, Inc. ⭐ INSIDER

+ Buying Falling Stock 5D +1.9% 3M -18.0% 1Y +48.3%

6 insiders • $67.6M

WVE Wave Life Sciences Ltd. ⭐ INSIDER

+ Buying Falling Stock 5D -2.1% 3M -53.1% 1Y +17.7%

4 insiders • $54.6M

CRWV CoreWeave, Inc. Class A Common Stock ⭐ INSIDER

- Selling Falling Stock 5D +14.8% 3M +14.1% 1Y +85.9%

90 insiders • $266.6M

PBF PBF Energy Inc. ⭐ INSIDER

▲ - Selling Rising Stock 5D -9.7% 3M +59.1% 1Y +195.9%

19 insiders • $98.4M

UTHR United Therapeutics Corporation ⭐ INSIDER

▲ - Selling Rising Stock 5D -1.9% 3M +15.7% 1Y +98.9%

201 insiders • $71.8M

MLTX MoonLake Immunotherapeutics ⭐ INSIDER

▲ - Selling Rising Stock 5D -0.2% 3M +66.5% 1Y -50.0%

3 insiders • $63.0M

LE Lands' End, Inc. ⭐ INSIDER

- Selling Falling Stock 5D -5.1% 3M -28.7% 1Y +12.2%

15 insiders • $60.5M

Ninety-nine companies report earnings today, with notable accumulation signals appearing in 9861.T and 7513.T ahead of their results. Meanwhile, TCS.BO and TCS.NS show distribution patterns as they prepare to report, following yesterday's session where APLD gained 17.1% and 0QZ4.L advanced 9.9%.

📊 Previous Earnings — April 08, 2026

58 reported • ✅ 13 beats • ❌ 4 misses

APLD Applied Digital Corporation ⭐ MISS +17.1%

30

+ Buying Falling Stock

EPS: $-0.36 vs $-0.15 est (-138.4%)

0QZ4.L Delta Air Lines, Inc. ⭐ BEAT +9.9%

50

+ Buying Falling Stock

EPS: $0.64 vs $0.58 est (+10.3%)

RPM RPM International Inc. ⭐ BEAT +9.4%

30

+ Buying Falling Stock

EPS: $0.57 vs $0.37 est (+54.1%)

ATX.V ATEX Resources Inc. ⭐ MET +7.2%

30

+ Buying Falling Stock

EPS: $-0.06 vs $-0.06 est

2670.T ABC-Mart,Inc. ⭐ BEAT +4.5%

30

+ Buying Falling Stock

EPS: $51.07 vs $43.19 est (+18.2%)

QNBK.QA Qatar National Bank (Q.P.S.C.) ⭐ MISS +4.4%

30

+ Buying Falling Stock

EPS: $0.44 vs $0.45 est (-3.2%)

8570.T AEON Financial Service Co., Ltd. ⭐ MISS +4.2%

30

+ Buying Falling Stock

EPS: $30.78 vs $37.18 est (-17.2%)

PSMT PriceSmart, Inc. ⭐ BEAT +4.1%

50

+ Buying Falling Stock

EPS: $1.62 vs $1.57 est (+3.2%)

603799.SS Zhejiang Huayou Cobalt Co., Ltd ⭐ MET +4.0%

30

+ Buying Falling Stock

EPS: $1.01 vs $1.01 est

DAL Delta Air Lines, Inc. ⭐ BEAT +2.4%

50

+ Buying Falling Stock

EPS: $0.64 vs $0.58 est (+10.3%)

🎯 Reporting Today — April 09, 2026

99 reporting • Smart Money: 9 acc • 65 dist • 25 neut

9861.T Yoshinoya Holdings Co., Ltd. ⭐

70

▲ + Buying Rising Stock

7513.T Kojima Co.,Ltd. ⭐

70

▲ + Buying Rising Stock

603806.SS Hangzhou First Applied Material Co., Ltd. ⭐

70

▲ + Buying Rising Stock

7713.T Sigmakoki Co., Ltd. ⭐

70

▲ + Buying Rising Stock

600125.SS China Railway Tielong Container Logistics Co., Ltd ⭐

70

▲ + Buying Rising Stock

2341.T Arbeit-Times Co., Ltd. ⭐

70

▲ + Buying Rising Stock

CCA.TO Cogeco Communications Inc. ⭐

70

▲ + Buying Rising Stock

CGEAF Cogeco Communications Inc. ⭐

70

▲ + Buying Rising Stock

RBTEF Robertet S.A. ⭐

70

▲ + Buying Rising Stock

9983.T Fast Retailing Co., Ltd. ⭐

50

+ Buying Falling Stock

003490.KS Korean Air Lines Co., Ltd. ⭐

50

▲ + Buying Rising Stock

003495.KS Korean Air Lines Co., Ltd. ⭐

50

+ Buying Falling Stock

8905.T AEON Mall Co., Ltd. ⭐

50

▲ + Buying Rising Stock

3008.TW LARGAN Precision Co.,Ltd ⭐

50

+ Buying Falling Stock

8125.T Wakita & Co.,LTD. ⭐

50

+ Buying Falling Stock

Smart money flows reveal selective positioning amid divergent signals across market participants. Institutional investors concentrated activity in mega-cap technology, adding positions in Microsoft (MSFT), Meta Platforms (META), and Broadcom (AVGO) while trimming Johnson & Johnson (JNJ) and Netflix (NFLX), with balanced overall ETF activity showing 10 adds against 10 removes. Insider activity presented sharp contrasts as 17 insiders accumulated CVS Health (CVS) shares, while massive distributions emerged at United Therapeutics (UTHR) where 201 insiders sold $71.8 million and Clearwater Paper (CRWV) where 90 insiders disposed of $266.6 million, resulting in an even 15-to-15 split between accumulation and distribution signals across all companies. On Capitol Hill, Rep. April Delaney purchased shares in Rollins Inc (ROL), Tractor Supply Company (TSCO), and Nasdaq Inc (NDAQ), while Rep. Gilbert Cisneros sold positions in Charles Schwab (SCHW), Advanced Energy Industries (AEIS), and Flex Ltd (FLEX). The accumulation signal count reached 30 with Meta Platforms (META), Citigroup (C), and AutoZone (AZO) leading, while distribution signals stood at zero. Market structure reflects a defensive rotation as equity volatility remains elevated while fixed income markets signal relative calm. The VIX at 25.78 declined 15.8% over the past week yet still indicates heightened caution among equity traders, contrasting sharply with the MOVE index at 11.05 where bond market volatility expectations remain subdued despite an 8.6% weekly increase. This divergence suggests investors are pricing continued stock uncertainty while maintaining confidence in Treasury stability. Market breadth deteriorated significantly with only 20% of SPY components advancing as institutional flows concentrated in Energy and Utilities while Technology showed modest 32% relative strength. The defensive positioning became evident as Real Estate, Industrials, and Financials attracted minimal buying interest, with SPY strength registering just 20.5% amid this risk-off environment where narrow leadership in defensive sectors contrasts with broad-based weakness across cyclical areas. Critical catalysts converge today with the Core PCE Price Index expected to decline to 3.0% year-over-year from 3.1%, while final Q4 GDP revisions forecast a dramatic deceleration to 0.7% from 4.4%—marking the slowest quarterly growth since Q1 2023. This economic backdrop gains urgency ahead of tomorrow's March CPI report where headline inflation is projected to surge to 3.4% from 2.4%, driven by an unusually large 1.0% monthly gain that would represent the sharpest single-month increase since mid-2022. Yesterday's energy data showed crude oil inventories building 3.081 million barrels against expectations of just 0.7 million while gasoline stocks drew down 1.589 million versus the 1.4 million estimate. Earnings activity features 99 companies reporting today with accumulation signals appearing in

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