The Edge

🐷 PIG ROAST

💬 Word on the Street

While Rep. April Delaney (D-MD) quietly added Entegris Inc. (ENTG) shares and insiders at Live Nation Entertainment (LGN) dumped $1.7 billion in stock, the real aftermarket chaos hit Applied Optoelectronics (AAOI)—up 13% to $150.60 on a volume frenzy after its 1,307.5% one-year rocket ride—and Coherent Corp. (COHR), which surged 8.2% to $307.50 on a silicon carbide breakthrough fueling AI data center dreams. With $2.3 billion in net smart money outflows and the VIX plunging 20.6% to 19.5, someone's rotating aggressively while others cash out big. Here's what smart money did 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

Autism Strength

The superpower that lets apes hold through -90% because “fundamentals still strong 💪🧠”

Equity market volatility declined sharply this week, with the VIX falling over 20% to 19.49 and settling into normal territory, suggesting reduced concern among stock investors about near-term price swings. In contrast, bond market volatility told a different story, as the MOVE index jumped 28.5% to 10.90, indicating heightened uncertainty in fixed income markets despite remaining at historically low absolute levels. This divergence between equity calm and rising bond market jitters reflects differing assessments of risk across asset classes, with fixed income traders appearing more cautious about potential interest rate or policy shifts than their equity counterparts.

|| Market Sutra ||

"The best signals appear when nobody is looking."

— Breadth turned bullish in 2016 before headlines noticed

Market breadth remains compressed with fewer than half of constituents participating in the current advance across major indices, though transportation shows marginally better internal strength at 51%. Energy, utilities, and semiconductors are leading with participation rates above 75%, while defensive sectors including consumer staples, healthcare, and consumer discretionary show notably weaker participation below 40%, suggesting a bifurcated market with momentum concentrated in cyclical and technology-related areas rather than broad-based strength.

As of April 8, Fed net liquidity stood at $6.69 trillion, declining $18.5 billion week-over-week, which represents a tightening in system-wide dollar availability that historically correlates with increased pressure on risk asset valuations. The next H.4.1 report releases Thursday, April 16, which will reveal whether this liquidity drain accelerated or reversed course.

March inflation data came in cooler than expected across most measures, with core CPI rising just 0.2% month-over-month versus the 0.3% estimate and the 2.6% year-over-year rate beating the 2.7% forecast, though the headline monthly jump to 0.9% from February's 0.3% marks the sharpest single-month acceleration since June 2022. The more concerning development emerged in consumer sentiment, which plunged to 47.6 from 53.3—the lowest reading since June 2022—while one-year inflation expectations surged to 4.8% from 3.8%, the highest since November 2023 and a full 60 basis points above the 4.2% estimate, suggesting consumers are pricing in persistent price pressures despite the Fed's tightening campaign. Traders now turn to today's existing home sales data (expected at 4.06M versus 4.09M prior) and tomorrow's Producer Price Index forecast at 1.2% month-over-month—nearly double February's 0.7%—which could signal building pipeline inflation pressures even as consumer-level readings moderate.

Institutional flow data shows mixed positioning in mega-cap technology, with 4,370 ETFs adding Microsoft positions while 3,138 reduced them, alongside similar split activity in Meta (4,082 adding vs 2,563 removing) and Broadcom (3,990 adding vs 2,683 removing). The balanced 10-to-10 ratio of funds increasing versus decreasing exposure suggests institutional managers are rotating within the technology sector rather than making directional bets on the space overall.

MSFT Microsoft Corporation ⭐

+ Buying Falling Stock 5D -0.7% 3M -22.2% 1Y +5.2%

4370 ETFs • 0 shares

META Meta Platforms, Inc. ⭐

+ Buying Falling Stock 5D +9.6% 3M -2.5% 1Y +23.7%

4082 ETFs • 0 shares

AVGO Broadcom Inc. ⭐

▲ + Buying Rising Stock 5D +18.1% 3M +11.8% 1Y +139.1%

3990 ETFs • 0 shares

MU Micron Technology, Inc. ⭐

+ Buying Falling Stock 5D +14.8% 3M +28.6% 1Y +542.7%

3794 ETFs • 0 shares

PANW Palo Alto Networks, Inc. ⭐

▲ + Buying Rising Stock 5D -4.6% 3M -18.4% 1Y +2.1%

3389 ETFs • 0 shares

MSFT Microsoft Corporation ⭐

- Selling Falling Stock 5D -0.7% 3M -22.2% 1Y +5.2%

3138 ETFs • 0 shares

AVGO Broadcom Inc. ⭐

▲ - Selling Rising Stock 5D +18.1% 3M +11.8% 1Y +139.1%

2683 ETFs • 0 shares

META Meta Platforms, Inc. ⭐

- Selling Falling Stock 5D +9.6% 3M -2.5% 1Y +23.7%

2563 ETFs • 0 shares

MU Micron Technology, Inc. ⭐

- Selling Falling Stock 5D +14.8% 3M +28.6% 1Y +542.7%

2524 ETFs • 0 shares

NFLX Netflix, Inc. ⭐

▲ - Selling Rising Stock 5D +4.4% 3M +13.8% 1Y +18.4%

2506 ETFs • 0 shares

Rep. Michael McCaul executed multiple transactions, reducing positions in WWD, ASML, and SHEL while adding to VTI holdings through two separate purchases. Rep. April Delaney purchased shares of ENTG, while McCaul's activity shows a shift from individual stocks toward broader market exposure through the Vanguard Total Stock Market ETF.

ENTG Entegris, Inc. ⭐ CONGRESS

▲ + Buying Rising Stock 5D +16.2% 3M +35.6% 1Y +115.8%

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

VTI Vanguard Total Stock Market ETF ⭐ CONGRESS

+ Buying Falling Stock 5D +3.5% 3M -1.5% 1Y +38.3%

Rep. Michael McCaul (Michael McCaul) • $1,001 - $15,000

VTI Vanguard Total Stock Market ETF ⭐ CONGRESS

+ Buying Falling Stock 5D +3.5% 3M -1.5% 1Y +38.3%

Rep. Michael McCaul (Michael McCaul) • $1,001 - $15,000

EQT EQT Corporation ⭐ CONGRESS

+ Buying Falling Stock 5D -1.7% 3M +12.7% 1Y +24.7%

Rep. Michael McCaul (Michael McCaul) • $15,001 - $50,000

VOO Vanguard S&P 500 ETF ⭐ CONGRESS

+ Buying Falling Stock 5D +3.6% 3M -1.5% 1Y +37.6%

Rep. Michael McCaul (Michael McCaul) • $1,001 - $15,000

WWD Woodward, Inc. ⭐ CONGRESS

▲ - Selling Rising Stock 5D +4.5% 3M +21.8% 1Y +147.5%

Rep. Michael McCaul (Michael McCaul) • $1,001 - $15,000

ASML ASML Holding N.V. ⭐ CONGRESS

▲ - Selling Rising Stock 5D +12.2% 3M +23.9% 1Y +150.0%

Rep. Michael McCaul (Michael McCaul) • $1,001 - $15,000

SHEL Shell plc ⭐ CONGRESS

▲ - Selling Rising Stock 5D -0.9% 3M +32.4% 1Y +59.0%

Rep. Michael McCaul (Michael McCaul) • $15,001 - $50,000

FDS FactSet Research Systems Inc. ⭐ CONGRESS

▲ - Selling Rising Stock 5D -7.1% 3M -27.7% 1Y -46.5%

Sen. Shelley Moore Capito (Shelley Moore Capito) • $1,001 - $15,000

MMM 3M Company ⭐ CONGRESS

- Selling Falling Stock 5D +4.0% 3M -8.6% 1Y +19.8%

Sen. Tina Smith (Tina Smith) • $50,001 - $100,000

Recent insider activity shows concentrated accumulation at CVS Health with 17 insiders adding positions, while IPX recorded 10 insider purchases and ULTA saw 6 insiders acquiring shares. On the distribution side, CRWV led with 105 insiders selling $278.9M in aggregate, followed by significant dispositions at LGN where 4 insiders offloaded $1.7B and WYNN where 6 insiders reduced positions totaling $98.4M.

IPX IperionX Limited ⭐ INSIDER

+ Buying Falling Stock 5D +17.1% 3M -26.3% 1Y +145.7%

10 insiders • $80.5M

CVS CVS Health Corporation ⭐ INSIDER

▲ + Buying Rising Stock 5D +8.0% 3M -0.8% 1Y +20.8%

17 insiders • $70.6M

ULTA Ulta Beauty, Inc. ⭐ INSIDER

+ Buying Falling Stock 5D -3.2% 3M -20.9% 1Y +58.6%

6 insiders • $67.6M

NASDAQ:SVC NASDAQ:SVC ⭐ INSIDER

▲ + Buying Rising Stock

5 insiders • $50.3M

IMVT Immunovant, Inc. ⭐ INSIDER

+ Buying Falling Stock 5D +0.0% 3M -6.9% 1Y +84.1%

11 insiders • $20.5M

LGN Legence Corp. Class A Common stock ⭐ INSIDER

▲ - Selling Rising Stock 5D +7.7% 3M +45.2%

4 insiders • $1.7B

CRWV CoreWeave, Inc. Class A Common Stock ⭐ INSIDER

▲ - Selling Rising Stock 5D +24.0% 3M +32.3% 1Y +133.9%

105 insiders • $278.9M

WYNN Wynn Resorts, Limited ⭐ INSIDER

- Selling Falling Stock 5D +1.9% 3M -11.9% 1Y +58.4%

6 insiders • $98.4M

UTHR United Therapeutics Corporation ⭐ INSIDER

▲ - Selling Rising Stock 5D +1.2% 3M +16.5% 1Y +104.4%

196 insiders • $72.1M

MNR Mach Natural Resources LP ⭐ INSIDER

- Selling Falling Stock 5D -10.0% 3M +19.1% 1Y +5.8%

2 insiders • $71.2M

Today's earnings slate features 122 companies, with notable smart money positioning in 4530.T and GS.NE showing recent accumulation signals ahead of their reports. Meanwhile, institutional investors have reduced positions in BISI.JK and 2408.TW, which also report today. Yesterday's session saw significant moves in LOT, which surged 31.9%, while 000977.SZ and 6919.TWO gained 19.1% and 18.0% respectively.

📊 Previous Earnings — April 10, 2026

162 reported • ✅ 8 beats • ❌ 8 misses

LOT Lotus Technology Inc. American Depositary Shares ⭐ BEAT +31.9%

70

▲ + Buying Rising Stock

EPS: $-0.14 vs $-0.16 est (+12.5%)

000977.SZ IEIT SYSTEMS Co., Ltd.Class A ⭐ BEAT +19.1%

70

▲ + Buying Rising Stock

EPS: $0.63 vs $0.29 est (+117.2%)

6919.TWO Caliway Biopharmaceuticals Co., Ltd. ⭐ MET +18.0%

30

+ Buying Falling Stock

EPS: $-0.22 vs $-0.22 est

6506.T YASKAWA Electric Corporation ⭐ MISS +14.3%

50

+ Buying Falling Stock

EPS: $37.39 vs $44.10 est (-15.2%)

YASKF YASKAWA Electric Corporation ⭐ MISS +12.9%

30

+ Buying Falling Stock

EPS: $0.24 vs $0.28 est (-15.2%)

300866.SZ Anker Innovations Limited ⭐ MISS +11.7%

70

▲ + Buying Rising Stock

EPS: $1.15 vs $1.33 est (-13.5%)

6432.T Takeuchi Mfg. Co., Ltd. ⭐ MISS +10.0%

50

+ Buying Falling Stock

EPS: $103.85 vs $135.96 est (-23.6%)

3529.TWO eMemory Technology Inc. ⭐ MISS +8.4%

70

▲ + Buying Rising Stock

EPS: $7.54 vs $7.83 est (-3.7%)

7453.T Ryohin Keikaku Co., Ltd. ⭐ BEAT +8.0%

70

▲ + Buying Rising Stock

EPS: $23.01 vs $18.96 est (+21.4%)

002484.SZ Nantong Jianghai Capacitor Co. Ltd. ⭐ MET +4.9%

50

▲ + Buying Rising Stock

EPS: $0.23 vs $0.23 est

🎯 Reporting Today — April 13, 2026

122 reporting • Smart Money: 40 acc • 34 dist • 48 neut

4530.T Hisamitsu Pharmaceutical Co., Inc. ⭐

70

▲ + Buying Rising Stock

EPS: $102.93 vs $50.60 est

GS.NE The Goldman Sachs Group, Inc. ⭐

70

▲ + Buying Rising Stock

GS The Goldman Sachs Group, Inc. ⭐

70

▲ + Buying Rising Stock

GOS.DE The Goldman Sachs Group, Inc. ⭐

70

▲ + Buying Rising Stock

9948.T ARCS Company Limited ⭐

70

▲ + Buying Rising Stock

EPS: $73.92 vs $0.00 est

7599.T IDOM Inc. ⭐

70

▲ + Buying Rising Stock

EPS: $28.21 vs $0.00 est

7516.T Kohnan Shoji Co., Ltd. ⭐

70

▲ + Buying Rising Stock

EPS: $48.76 vs $0.00 est

2379.T DIP Corporation ⭐

70

▲ + Buying Rising Stock

002653.SZ Haisco Pharmaceutical Group Co., Ltd. ⭐

70

▲ + Buying Rising Stock

0IKW.L Fastenal Company ⭐

70

▲ + Buying Rising Stock

FAST Fastenal Company ⭐

70

▲ + Buying Rising Stock

SWARAJENG.BO Swaraj Engines Limited ⭐

70

▲ + Buying Rising Stock

SWARAJENG.NS Swaraj Engines Limited ⭐

70

▲ + Buying Rising Stock

9740.T Central Security Patrols Co., Ltd. ⭐

70

▲ + Buying Rising Stock

9278.T Bookoff Group Holdings Limited ⭐

70

▲ + Buying Rising Stock

Smart money flows reveal a complex positioning picture as institutional investors appear to be rotating within mega-cap technology rather than making directional sector bets, with 4,370 ETFs adding Microsoft positions while 3,138 reduced them, and similar split activity evident in Meta Platforms (META) where 4,082 funds added versus 2,563 removing. The balanced 10-to-10 ratio of institutions increasing versus decreasing technology exposure suggests tactical reshuffling rather than conviction moves. Insider activity shows concentrated accumulation at CVS Health where 17 insiders added positions, IPX with 10 insider purchases, and Ulta Beauty (ULTA) seeing 6 insiders acquiring shares, while distribution remained heavy at CRWV with 105 insiders selling $278.9 million in aggregate and particularly notable at LGN where 4 insiders offloaded $1.7 billion. Congressional activity from Rep. Michael McCaul showed a clear pivot from individual stock exposure to broader market participation, reducing positions in Woodward (WWD), ASML Holding (ASML), and Shell (SHEL) while making two separate purchases of Vanguard Total Stock Market ETF (VTI), while Rep. April Delaney purchased shares of Entegris (ENTG). Market conditions reflect a bifurcated environment where equity volatility collapsed over 20% with the VIX settling to 19.49 in normal territory, yet bond market volatility told a starkly different story as the MOVE index surged 28.5% to 10.90, signaling that fixed income traders harbor significantly more caution about potential interest rate or policy shifts than their equity counterparts. This divergence becomes more concerning when examining market breadth, which remains compressed with fewer than half of constituents participating in the current advance across major indices, though transportation shows marginally better internal strength at 51%. The leadership picture reveals concentration in cyclical and technology areas with energy, utilities, and semiconductors posting participation rates above 75%, while defensive sectors including consumer staples, healthcare, and consumer discretionary show notably weaker participation below 40%, reinforcing that this advance lacks broad-based strength and momentum remains narrowly concentrated. The inflation and sentiment data released this week creates a particularly unstable backdrop for markets ahead, as March core CPI rose just 0.2% month-over-month versus the 0.3% estimate with the year-over-year rate of 2.6% beating the 2.7% forecast, yet consumer sentiment plunged to 47.6 from 53.3 marking the lowest reading since June 2022 while one-year inflation expectations surged to 4.8% from 3.8%, the highest since November 2023 and a full 60 basis points above the 4.2% estimate. This disconnect between moderating actual inflation readings and soaring consumer expectations of future price pressures suggests persistent psychological inflation pricing that could complicate Federal Reserve policy deliberations. Today's existing home sales data expected at 4.06 million versus 4.09 million prior and tomorrow's Producer Price Index forecast at 1.2% month-over-month

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