The Edge

🐷 PIG ROAST

💬 Word on the Street

While Oracle Corporation (ORCL) surged 12.7% after hours and Revolution Medicines, Inc. (RVMD) rocketed 41.4% on cancer trial news, the smart money crowd quietly dumped $2.6 billion versus just $456.2 million in purchases—a $2.2 billion net outflow that tells a different story than the headline rips. Rep. April Delaney (D-MD) was among the rare buyers, adding Rollins, Inc. (ROL) shares worth up to $15,000, while four insiders at Lingo Telecom (LGN) collectively unloaded a staggering $1.7 billion in what might be the exit of the year. 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

Regarded

Highest compliment on WSB. “This DD is so regarded I just YOLO’d my rent money.” Thank you for your service.

The VIX declined nearly 20% this week to settle at 19.23, returning to normal levels after pulling back from elevated fear territory, suggesting equity market participants are experiencing reduced anxiety about near-term stock price swings. Meanwhile, the MOVE index measuring bond market volatility surged 74.6% to 13.29, though it remains at historically low absolute levels, indicating fixed income markets saw a notable pickup in expected price fluctuations even as they stay relatively calm. This divergence shows equity volatility cooling while bond volatility heated up from an extremely subdued base, reflecting different risk dynamics across the two asset classes.

|| Market Sutra ||

"Momentum is the shadow of conviction."

— Apple's repeated earnings beats kept reinforcing long-term conviction

Market breadth remains tepid across major indices, with the S&P 500, Nasdaq, and Dow all showing fewer than half of their components above key moving averages, while the transport index demonstrates marginally stronger participation at 54%. A notable sector divergence has emerged, with Utilities, Energy, and Semiconductors exhibiting strength above 80% internal breadth, contrasting sharply against defensive Consumer Staples and growth-sensitive Healthcare and Consumer Discretionary sectors languishing below 35%. This split between select cyclical leadership and broad-based weakness in consumer-facing sectors suggests an uneven market structure despite pockets of concentrated strength.

As of April 8, Fed net liquidity stands at $6.69 trillion, up $18.5 billion week-over-week, indicating an expansion in system-wide liquidity that historically correlates with supportive conditions for risk assets. The next H.4.1 release is scheduled for Thursday, April 16, which will show whether this liquidity injection continues or reverses.

Existing home sales fell 3.6% month-over-month in March to 3.98 million annualized units, missing the 4.06 million estimate and marking the lowest level since October 2023 as mortgage rates hovering above 6.5% continue to freeze the housing market. Today's focus shifts to producer-level inflation with the PPI expected to accelerate sharply to 1.2% from 0.7% the prior month—a significant 0.5 percentage point jump that would represent the fastest monthly gain since February 2023 and likely reflects the recent surge in energy prices. Tomorrow brings a packed calendar including the Fed's Beige Book and import prices data expected at 2.0% versus 1.3% prior, with the combination of elevated wholesale and import inflation potentially complicating the Fed's rate-cut calculus while three Fed speeches today could provide clues on policymakers' evolving views on the inflation trajectory.

## Institutional Flow Summary Technology remains the primary battleground for ETF positioning this quarter, with **3,289 funds adding Microsoft**, **3,188 adding Meta**, and **2,957 adding Broadcom**, while a smaller but significant cohort reduced exposure (2,390, 1,964, and 1,940 funds respectively). The split decision—10 ETFs net adding versus 10 net removing—suggests institutional investors are **rotating within mega-cap tech** rather than abandoning the sector, potentially favoring AI infrastructure plays over broader technology exposure.

MSFT Microsoft Corporation ⭐

+ Buying Falling Stock 5D +3.1% 3M -19.6% 1Y -1.0%

3289 ETFs • 0 shares

META Meta Platforms, Inc. ⭐

+ Buying Falling Stock 5D +10.7% 3M -2.8% 1Y +8.6%

3188 ETFs • 0 shares

AVGO Broadcom Inc. ⭐

▲ + Buying Rising Stock 5D +20.8% 3M +10.1% 1Y +105.9%

2957 ETFs • 0 shares

MU Micron Technology, Inc. ⭐

▲ + Buying Rising Stock 5D +12.9% 3M +23.6% 1Y +448.6%

2774 ETFs • 0 shares

INTC Intel Corporation ⭐

▲ + Buying Rising Stock 5D +28.4% 3M +43.1% 1Y +202.8%

2543 ETFs • 0 shares

MSFT Microsoft Corporation ⭐

- Selling Falling Stock 5D +3.1% 3M -19.6% 1Y -1.0%

2390 ETFs • 0 shares

META Meta Platforms, Inc. ⭐

- Selling Falling Stock 5D +10.7% 3M -2.8% 1Y +8.6%

1964 ETFs • 0 shares

AVGO Broadcom Inc. ⭐

▲ - Selling Rising Stock 5D +20.8% 3M +10.1% 1Y +105.9%

1940 ETFs • 0 shares

NFLX Netflix, Inc. ⭐

▲ - Selling Rising Stock 5D +4.3% 3M +15.3% 1Y +9.1%

1873 ETFs • 0 shares

MU Micron Technology, Inc. ⭐

▲ - Selling Rising Stock 5D +12.9% 3M +23.6% 1Y +448.6%

1867 ETFs • 0 shares

Rep. April Delaney purchased shares of Rollins Inc. (ROL), Tractor Supply Company (TSCO), and Vanguard S&P 500 ETF (VOO), while Rep. Michael McCaul also added a position in VOO but reduced holdings in Shell PLC (SHEL), ASML Holding (ASML), and Woodward Inc. (WWD). Both representatives showed activity in the broad market S&P 500 index fund, while McCaul's transactions indicated a shift away from international energy and semiconductor exposure.

ROL Rollins, Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D +1.0% 3M -9.7% 1Y +3.8%

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

TSCO Tractor Supply Company ⭐ CONGRESS

+ Buying Falling Stock 5D +0.1% 3M -11.4% 1Y -10.4%

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

VOO Vanguard S&P 500 ETF ⭐ CONGRESS

▲ + Buying Rising Stock 5D +4.1% 3M -1.2% 1Y +27.1%

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

SPGI S&P Global Inc. ⭐ CONGRESS

+ Buying Falling Stock 5D -0.9% 3M -20.4% 1Y -8.8%

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

EQT EQT Corporation ⭐ CONGRESS

+ Buying Falling Stock 5D -4.5% 3M +13.2% 1Y +16.0%

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

SHEL Shell plc ⭐ CONGRESS

▲ - Selling Rising Stock 5D -1.1% 3M +31.9% 1Y +49.4%

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

ASML ASML Holding N.V. ⭐ CONGRESS

▲ - Selling Rising Stock 5D +15.1% 3M +17.9% 1Y +119.8%

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

WWD Woodward, Inc. ⭐ CONGRESS

▲ - Selling Rising Stock 5D +5.3% 3M +24.0% 1Y +128.9%

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

FDS FactSet Research Systems Inc. ⭐ CONGRESS

▲ - Selling Rising Stock 5D -2.0% 3M -22.7% 1Y -46.5%

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

MMM 3M Company ⭐ CONGRESS

- Selling Falling Stock 5D +5.7% 3M -7.2% 1Y +11.9%

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

Last week saw notable cluster activity with 17 insiders at CVS Health and 10 insiders at IPX acquiring shares, while 72 insiders at CRWV collectively sold $268.2 million in stock. The activity resulted in balanced signals overall, with 15 accumulation patterns matching 15 distribution patterns across tracked companies.

IPX IperionX Limited ⭐ INSIDER

+ Buying Falling Stock 5D +24.2% 3M -23.7% 1Y +127.7%

10 insiders • $80.5M

CVS CVS Health Corporation ⭐ INSIDER

▲ + Buying Rising Stock 5D +6.5% 3M -2.0% 1Y +14.6%

17 insiders • $70.6M

ULTA Ulta Beauty, Inc. ⭐ INSIDER

+ Buying Falling Stock 5D -3.0% 3M -20.9% 1Y +45.0%

6 insiders • $67.6M

NASDAQ:SVC NASDAQ:SVC ⭐ INSIDER

▲ + Buying Rising Stock

5 insiders • $50.3M

LW Lamb Weston Holdings, Inc. ⭐ INSIDER

+ Buying Falling Stock 5D +5.2% 3M +3.0% 1Y -22.0%

8 insiders • $31.0M

LGN Legence Corp. Class A Common stock ⭐ INSIDER

▲ - Selling Rising Stock 5D +18.7% 3M +46.9%

4 insiders • $1.7B

CRWV CoreWeave, Inc. Class A Common Stock ⭐ INSIDER

▲ - Selling Rising Stock 5D +36.3% 3M +37.6% 1Y +126.1%

72 insiders • $268.2M

WYNN Wynn Resorts, Limited ⭐ INSIDER

- Selling Falling Stock 5D +0.3% 3M -12.3% 1Y +36.9%

6 insiders • $98.4M

MNR Mach Natural Resources LP ⭐ INSIDER

- Selling Falling Stock 5D -9.6% 3M +23.0% 1Y +2.5%

2 insiders • $71.2M

UTHR United Therapeutics Corporation ⭐ INSIDER

▲ - Selling Rising Stock 5D +3.2% 3M +19.5% 1Y +97.3%

161 insiders • $65.2M

Today's earnings calendar features 244 companies reporting results, with notable smart money activity surrounding several names. JPM.NE and 0Q1F.L have recently shown accumulation signals from informed investors ahead of their reports, while 9602.T and ICICIPRULI.BO have experienced distribution activity. Yesterday's session saw significant price movement with 002439.SZ climbing 12.8% and ATX.V gaining 9.1%, while 3349.T declined 5.5%.

📊 Previous Earnings — April 13, 2026

126 reported • ✅ 13 beats • ❌ 3 misses

002439.SZ Venustech Group Inc. ⭐ MISS +12.8%

30

+ Buying Falling Stock

EPS: $-0.29 vs $0.34 est (-185.3%)

ATX.V ATEX Resources Inc. ⭐ MET +9.1%

50

+ Buying Falling Stock

EPS: $-0.06 vs $-0.06 est

3349.T COSMOS Pharmaceutical Corporation ⭐ BEAT -5.5%

30

+ Buying Falling Stock

EPS: $102.19 vs $100.69 est (+1.5%)

002299.SZ Fujian Sunner Development Co., Ltd. ⭐ MET +5.4%

70

▲ + Buying Rising Stock

EPS: $0.19 vs $0.19 est

FBK FB Financial Corporation ⭐ MISS +4.2%

70

▲ + Buying Rising Stock

EPS: $1.12 vs $1.13 est (-0.9%)

FAS.DE Fastenal Company ⭐ BEAT -3.4%

70

▲ + Buying Rising Stock

EPS: $0.26 vs $0.26 est (+0.5%)

GS The Goldman Sachs Group, Inc. ⭐ BEAT +2.8%

70

▲ + Buying Rising Stock

EPS: $17.55 vs $16.47 est (+6.6%)

GS-PA The Goldman Sachs Group, Inc. ⭐ BEAT +2.3%

30

+ Buying Falling Stock

EPS: $17.55 vs $16.47 est (+6.6%)

0IKW.L Fastenal Company ⭐ BEAT -2.2%

70

▲ + Buying Rising Stock

EPS: $0.30 vs $0.30 est (+0.4%)

GS-PC The Goldman Sachs Group, Inc. PFD 1/1000 C ⭐ BEAT +1.5%

30

+ Buying Falling Stock

EPS: $17.55 vs $16.47 est (+6.6%)

🎯 Reporting Today — April 14, 2026

244 reporting • Smart Money: 75 acc • 75 dist • 94 neut

JPM.NE JPMorgan Chase & Co. ⭐

70

▲ + Buying Rising Stock

0Q1F.L JPMorgan Chase & Co. ⭐

70

▲ + Buying Rising Stock

JPM JPMorgan Chase & Co. ⭐

70

▲ + Buying Rising Stock

JPM-PC JPMorgan Chase & Co. ⭐

70

▲ + Buying Rising Stock

CMC.DE JPMorgan Chase & Co. ⭐

70

▲ + Buying Rising Stock

3086.T J. Front Retailing Co., Ltd. ⭐

70

▲ + Buying Rising Stock

EPS: $14.59 vs $9.76 est

8233.T Takashimaya Company, Limited ⭐

70

▲ + Buying Rising Stock

EPS: $-126.33 vs $0.00 est

3387.T Create Restaurants Holdings Inc. ⭐

70

▲ + Buying Rising Stock

EPS: $0.86 vs $0.00 est

WFC Wells Fargo & Company ⭐

70

▲ + Buying Rising Stock

0R01.L Citigroup Inc. ⭐

70

▲ + Buying Rising Stock

NWT.DE Wells Fargo & Company ⭐

70

▲ + Buying Rising Stock

C Citigroup Inc. ⭐

70

▲ + Buying Rising Stock

2337.T Ichigo Inc. ⭐

70

▲ + Buying Rising Stock

EPS: $14.88 vs $0.00 est

3994.T Money Forward, Inc. ⭐

70

▲ + Buying Rising Stock

EPS: $33.03 vs $12.71 est

TRVC.DE Citigroup Inc. ⭐

70

▲ + Buying Rising Stock

Smart money positioning reveals a complex picture of selective conviction amid broader caution. Institutional investors are rotating within mega-cap technology rather than fleeing, with 3,289 ETFs adding Microsoft, 3,188 adding Meta, and 2,957 adding Broadcom this quarter, though a meaningful minority reduced exposure to these same names. Accumulation signals dominated this week with 30 instances concentrated in Meta, Oracle, and Citigroup, while distribution signals registered zero. Congressional activity showed Rep. April Delaney purchasing shares of Rollins Inc., Tractor Supply Company, and Vanguard S&P 500 ETF, while Rep. Michael McCaul also added Vanguard S&P 500 ETF but trimmed positions in Shell PLC, ASML Holding, and Woodward Inc., suggesting a pivot toward domestic broad-market exposure over international energy and semiconductor holdings. Corporate insiders displayed balanced activity with 17 insiders at CVS Health and 10 insiders at IPX acquiring shares, offset by 72 insiders at CRWV collectively selling $268.2 million, resulting in an even split of 15 accumulation patterns against 15 distribution patterns. Market structure reveals a pronounced divergence between cooling equity volatility and heating bond market uncertainty alongside uneven sector participation. The VIX declined nearly 20% this week to settle at 19.23, retreating from elevated fear territory, while the MOVE index measuring bond market volatility surged 74.6% to 13.29 from an extremely subdued base, reflecting different risk dynamics as fixed income markets anticipate increased price fluctuations. Breadth remains tepid across major indices with fewer than half of S&P 500, Nasdaq, and Dow components trading above key moving averages, though the transport index shows marginally stronger participation at 54%. A sharp sector divide has emerged with Utilities, Energy, and Semiconductors exhibiting strength above 80% internal breadth, contrasting against defensive Consumer Staples and growth-sensitive Healthcare and Consumer Discretionary sectors languishing below 35%, suggesting concentrated leadership in select cyclicals while consumer-facing sectors struggle. The convergence of accelerating inflation data and earnings season provides the immediate catalysts worth monitoring. Today's Producer Price Index is expected to surge to 1.2% from 0.7%, representing a 0.5 percentage point jump that would mark the fastest monthly gain since February 2023, while tomorrow's import prices are forecast at 2.0% versus 1.3% prior, potentially complicating the Federal Reserve's rate-cut calculus as three Fed speeches today could offer clues on policymakers' evolving inflation views. Existing home sales fell 3.6% month-over-month to 3.98 million annualized units, missing estimates and marking the lowest level since October 2023 as mortgage rates above 6.5% continue freezing the housing market. With 244 companies reporting earnings today and accumulation signals recently appearing at JPM.NE and 0Q1F.L ahead of their reports while distribution activity emerged at 9602.T and ICICIPRULI.BO

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