The Edge

🐷 PIG ROAST

💬 Word on the Street

While Rep. April Delaney quietly purchased shares of Semiconductor Global Industries (SGI) and the Fed pumped $18.5 billion into the system, insiders at Live Nation Entertainment (LGN) were sprinting for the exits with $1.7 billion in sales—part of a massive $1.8 billion net outflow from those supposedly in the know. Meanwhile, Nebius Group caught acquisition fever and rocketed 9% after hours (548% in a year, naturally), even as smart money collectively moved $2.5 billion toward the door against just $733 million in fresh bets. 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

When Lambo

The official battle cry of every 0.1 BTC holder who’s 100% getting that purple Lambo next cycle, ser. (Narrator: he bought a Honda Civic.)

Equity market volatility declined substantially this week, with the VIX falling 16.7% to 21.04, though it remains in elevated territory above the 20 level that typically signals heightened investor caution. Meanwhile, bond market volatility moved in the opposite direction, as the MOVE index surged 32.5% to 11.51, creating an unusual divergence where fixed income traders are pricing in increased uncertainty while equity volatility subsides. This split between falling stock market fear and rising bond market stress suggests investors are navigating conflicting signals across asset classes.

|| Market Sutra ||

"A smart trader adapts; a great trader anticipates."

— Druckenmiller rotated to tech early in the 1990s before the boom

The market is showing a narrow leadership pattern with Energy and Utilities demonstrating significant strength at 86% and 81% respectively, while traditionally growth-oriented sectors like Healthcare and Consumer Discretionary lag considerably in the 23-25% range. Index breadth readings across major benchmarks remain weak, with SPY at 40% and QQQ at 36%, creating a notable divergence between the outperformance in defensive and commodity-linked sectors and the broader market's tepid participation. This concentration in Energy, Utilities, and Semiconductors amid subdued overall breadth suggests money is rotating into specific pockets rather than lifting the broader market.

As of April 8, Fed net liquidity stands at $6.69 trillion, up $18.5 billion week-over-week, with the next H.4.1 release scheduled for Thursday, April 16. This increase in liquidity typically creates more favorable conditions for risk assets, as additional dollars in the financial system tend to flow into equities and other markets when participants seek returns.

Yesterday's data painted a picture of economic deceleration, with Q4 GDP revised down to just 0.5% annualized growth versus the 0.7% estimate (and sharply below the prior quarter's 4.4%), while personal income unexpectedly contracted 0.1% in February against expectations for 0.3% growth—though corporate profits surged 5.7% versus the 3.9% estimate, suggesting margin expansion even as the economy softens. The labor market showed mixed signals with initial jobless claims at 219K missing the 210K forecast, yet continuing claims beat at 1.794M versus 1.84M expected, while inflation readings came in exactly as anticipated with core PCE holding at 0.4% monthly and 3.0% annually. Today's March CPI data carries outsized importance for rate cut expectations, with estimates calling for a significant acceleration to 3.4% year-over-year from 2.4% and a sharp 1.0% monthly increase versus February's 0.3%—potentially the hottest monthly reading since mid-2022—while Michigan consumer sentiment is expected to deteriorate further to 52.0 from 53.3, which would mark near-historic lows in confidence.

Institutional flow data shows ETFs rotating into technology names, with MSFT, META, and AVGO seeing the highest number of funds adding positions despite MSFT also appearing among top reductions. The mixed activity on Microsoft and notable selling in healthcare stalwart JNJ and streaming giant NFLX suggests institutions are selectively trimming mature positions while concentrating exposure in AI-leveraged technology plays.

MSFT Microsoft Corporation ⭐

+ Buying Falling Stock 5D +1.0% 3M -22.7% 1Y +4.8%

3531 ETFs • 0 shares

META Meta Platforms, Inc. ⭐

+ Buying Falling Stock 5D +8.5% 3M -3.1% 1Y +22.0%

3369 ETFs • 0 shares

AVGO Broadcom Inc. ⭐

▲ + Buying Rising Stock 5D +13.2% 3M +3.3% 1Y +131.2%

3185 ETFs • 0 shares

MU Micron Technology, Inc. ⭐

+ Buying Falling Stock 5D +14.6% 3M +24.1% 1Y +517.5%

3068 ETFs • 0 shares

JNJ Johnson & Johnson ⭐

▲ + Buying Rising Stock 5D -1.2% 3M +16.9% 1Y +63.8%

2900 ETFs • 0 shares

MSFT Microsoft Corporation ⭐

- Selling Falling Stock 5D +1.0% 3M -22.7% 1Y +4.8%

2710 ETFs • 0 shares

JNJ Johnson & Johnson ⭐

▲ - Selling Rising Stock 5D -1.2% 3M +16.9% 1Y +63.8%

2251 ETFs • 0 shares

NFLX Netflix, Inc. ⭐

▲ - Selling Rising Stock 5D +6.8% 3M +12.5% 1Y +17.6%

2197 ETFs • 0 shares

AVGO Broadcom Inc. ⭐

▲ - Selling Rising Stock 5D +13.2% 3M +3.3% 1Y +131.2%

2171 ETFs • 0 shares

MU Micron Technology, Inc. ⭐

- Selling Falling Stock 5D +14.6% 3M +24.1% 1Y +517.5%

2101 ETFs • 0 shares

Rep. April Delaney recently purchased shares in three companies: SGI, TSCO (Tractor Supply Company), and ROL (Rollins Inc.), spanning technology services, rural retail, and pest control sectors. Rep. Gilbert Cisneros sold positions in SCHW (Charles Schwab), AEIS (Advanced Energy Industries), and FLEX (Flex Ltd.), reducing exposure across financial services and technology manufacturing.

SGI Somnigroup International Inc ⭐ CONGRESS

+ Buying Falling Stock 5D +5.6% 3M -12.7% 1Y +40.1%

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

TSCO Tractor Supply Company ⭐ CONGRESS

+ Buying Falling Stock 5D +2.5% 3M -8.1% 1Y -6.3%

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

ROL Rollins, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D +4.3% 3M -5.9% 1Y +10.4%

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

NDAQ Nasdaq, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D -1.1% 3M -16.1% 1Y +25.4%

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

ENTG Entegris, Inc. ⭐ CONGRESS

▲ + Buying Rising Stock 5D +11.7% 3M +35.7% 1Y +99.1%

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

SCHW The Charles Schwab Corporation ⭐ CONGRESS

- Selling Falling Stock 5D +5.3% 3M -4.2% 1Y +40.1%

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

AEIS Advanced Energy Industries, Inc. ⭐ CONGRESS

▲ - Selling Rising Stock 5D +12.7% 3M +67.2% 1Y +358.6%

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

FLEX Flex Ltd. ⭐ CONGRESS

▲ - Selling Rising Stock 5D +9.9% 3M +22.2% 1Y +167.2%

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

TECH Bio-Techne Corporation ⭐ CONGRESS

- Selling Falling Stock 5D +3.9% 3M -14.5% 1Y +6.7%

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 concentrated accumulation at CVS with 17 insiders purchasing shares and at IPX with 15 insiders adding positions. On the selling side, UTHR recorded 193 insiders reducing positions totaling $65.8M, while LGN saw 4 insiders sell $1.7B in shares and CRWV had 90 insiders distribute $266.6M.

SVRE SaverOne 2014 Ltd ⭐ INSIDER

▲ + Buying Rising Stock 5D +15.6% 3M -33.8% 1Y -87.5%

2 insiders • $324.0M

IPX IperionX Limited ⭐ INSIDER

+ Buying Falling Stock 5D +12.5% 3M -29.8% 1Y +125.7%

15 insiders • $83.4M

CVS CVS Health Corporation ⭐ INSIDER

▲ + Buying Rising Stock 5D +8.8% 3M -0.4% 1Y +27.1%

17 insiders • $70.6M

ULTA Ulta Beauty, Inc. ⭐ INSIDER

+ Buying Falling Stock 5D -0.7% 3M -18.7% 1Y +55.4%

6 insiders • $67.6M

NASDAQ:SVC NASDAQ:SVC ⭐ INSIDER

▲ + Buying Rising Stock

5 insiders • $50.3M

LGN Legence Corp. Class A Common stock ⭐ INSIDER

▲ - Selling Rising Stock 5D +0.2% 3M +23.6%

4 insiders • $1.7B

CRWV CoreWeave, Inc. Class A Common Stock ⭐ INSIDER

▲ - Selling Rising Stock 5D +17.3% 3M +19.2% 1Y +84.5%

90 insiders • $266.6M

UTHR United Therapeutics Corporation ⭐ INSIDER

▲ - Selling Rising Stock 5D +0.8% 3M +14.1% 1Y +97.0%

193 insiders • $65.8M

PBF PBF Energy Inc. ⭐ INSIDER

▲ - Selling Rising Stock 5D -12.1% 3M +44.6% 1Y +187.4%

16 insiders • $64.0M

MLTX MoonLake Immunotherapeutics ⭐ INSIDER

▲ - Selling Rising Stock 5D +17.5% 3M +71.9% 1Y -44.2%

3 insiders • $63.0M

139 companies report earnings today, with accumulation signals noted in ANANDRATHI.BO and 1419.T ahead of their results, while institutional positioning shows distribution in 6506.T and 2899.HK. Yesterday's session saw significant moves in 6323.T which jumped 24.9%, 0R0P.L up 24.8%, and FRCOF gaining 22.5%. No earnings are scheduled for tomorrow's session.

📊 Previous Earnings — April 09, 2026

112 reported • ✅ 15 beats • ❌ 13 misses

6323.T Rorze Corporation ⭐ MISS +24.9%

30

+ Buying Falling Stock

EPS: $9.23 vs $33.55 est (-72.5%)

0R0P.L BlackBerry Limited ⭐ BEAT +24.8%

30

+ Buying Falling Stock

EPS: $0.08 vs $0.06 est (+33.5%)

FRCOF Fast Retailing Co., Ltd. ⭐ BEAT +22.5%

70

▲ + Buying Rising Stock

EPS: $2.75 vs $1.99 est (+38.2%)

SMPL The Simply Good Foods Company ⭐ BEAT -16.9%

30

+ Buying Falling Stock

EPS: $0.45 vs $0.40 est (+12.5%)

BB.TO BlackBerry Limited ⭐ BEAT +15.4%

30

+ Buying Falling Stock

EPS: $0.08 vs $0.06 est (+33.5%)

BB BlackBerry Limited ⭐ BEAT +13.4%

70

▲ + Buying Rising Stock

EPS: $0.06 vs $0.05 est (+20.0%)

FRCOY Fast Retailing Co., Ltd. ⭐ BEAT +10.4%

50

▲ + Buying Rising Stock

EPS: $0.27 vs $0.20 est (+37.2%)

AONNY Aeon Co., Ltd. ⭐ MISS -10.3%

30

+ Buying Falling Stock

EPS: $0.19 vs $0.21 est (-8.9%)

6288.HK Fast Retailing Co., Ltd. ⭐ BEAT +9.8%

50

▲ + Buying Rising Stock

EPS: $0.21 vs $0.15 est (+37.6%)

WDFC WD-40 Company ⭐ BEAT +8.5%

30

+ Buying Falling Stock

EPS: $1.50 vs $1.39 est (+7.9%)

🎯 Reporting Today — April 10, 2026

139 reporting • Smart Money: 30 acc • 77 dist • 32 neut

ANANDRATHI.BO Anand Rathi Wealth Limited ⭐

70

▲ + Buying Rising Stock

1419.T Tama Home Co., Ltd. ⭐

70

▲ + Buying Rising Stock

605117.SS Ningbo Deye Technology Group Co., Ltd. ⭐

70

▲ + Buying Rising Stock

603256.SS Grace Fabric Technology Co.,Ltd. ⭐

70

▲ + Buying Rising Stock

3091.T BRONCO BILLY Co., Ltd. ⭐

70

▲ + Buying Rising Stock

5982.T Maruzen Co., Ltd. ⭐

70

▲ + Buying Rising Stock

688002.SS Raytron Technology Co.,Ltd. ⭐

70

▲ + Buying Rising Stock

3546.T Alleanza Holdings Co., Ltd. ⭐

70

▲ + Buying Rising Stock

4577.T Daito Pharmaceutical Co.,Ltd. ⭐

70

▲ + Buying Rising Stock

9270.T Valuence Holdings Inc. ⭐

70

▲ + Buying Rising Stock

603588.SS Beijing GeoEnviron Engineering & Technology, Inc. ⭐

70

▲ + Buying Rising Stock

9216.T Bewith, Inc. ⭐

70

▲ + Buying Rising Stock

600641.SS Shanghai Vital Microtech Co., Ltd. ⭐

70

▲ + Buying Rising Stock

3501.T Suminoe Textile Co., Ltd. ⭐

70

▲ + Buying Rising Stock

IDTVF AB Industrivärden (publ) ⭐

70

▲ + Buying Rising Stock

Smart money flows are revealing a distinct technology tilt amid selective positioning across major player categories. Institutions are rotating ETF exposure into Microsoft (MSFT), Meta Platforms (META), and Broadcom (AVGO), concentrating capital in AI-leveraged names even as Microsoft simultaneously appears among top reductions—signaling active position-sizing rather than wholesale exits. Insiders are showing concentrated accumulation at CVS Health (CVS) with 17 buyers and IPX with 15 insiders adding shares, while United Therapeutics (UTHR) experienced massive distribution with 193 insiders offloading $65.8M and Langan (LGN) saw 4 insiders sell $1.7B in positions. On Capitol Hill, Rep. April Delaney purchased shares across diverse sectors including Solidion Technology (SGI), Tractor Supply Company (TSCO), and Rollins Inc. (ROL), while Rep. Gilbert Cisneros sold positions in Charles Schwab (SCHW), Advanced Energy Industries (AEIS), and Flex Ltd. (FLEX), reducing exposure to financial services and technology manufacturing. Accumulation signals are registering on 30 names with no distribution signals, led by Meta Platforms (META), Citigroup (C), and Emerson Electric (EMR), suggesting conviction building in select pockets despite broader market hesitation. Market structure is revealing conflicting volatility signals and extreme sector divergence that points to a fragmented trading environment. The VIX declined 16.7% to 21.04, indicating subsiding equity fear, yet the MOVE index surged 32.5% to 11.51, creating an unusual dynamic where bond market volatility is spiking while stock market volatility compresses—a split that typically emerges when investors navigate conflicting macroeconomic narratives. Sector leadership is extraordinarily narrow, with Energy at 86% strength and Utilities at 81% demonstrating defensive and commodity-linked dominance, while growth-oriented Healthcare and Consumer Discretionary languish at just 23-25%. Index breadth remains anemic with SPY at 40.2% and QQQ at 36%, confirming that strength is concentrated in specific pockets—Energy, Utilities, and Semiconductors—rather than lifting the broader market, a pattern that often precedes either resolution through broadening participation or continued fragmentation. Today's March Consumer Price Index release carries outsized significance for rate expectations and could serve as the catalyst that either confirms or breaks the current divergence between falling equity volatility and rising bond market stress. Estimates call for a sharp acceleration to 3.4% year-over-year from 2.4% with a 1.0% monthly increase versus February's 0.3%—potentially the hottest monthly reading since mid-2022—coming on the heels of yesterday's economic data showing Q4 GDP revised down to just 0.5% versus the 0.7% estimate and personal income contracting 0.1% against expectations for 0.3% growth. The juxtaposition of slowing growth, contracting income, and potentially accelerating inflation creates a stagflationary

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