The Edge

🐷 PIG ROAST

💬 Word on the Street

While Rep. Michael McCaul (R-TX) quietly scooped up VOO shares and volatility collapsed 20.9%, insiders at Live Nation Entertainment (LGN) dumped $1.7 billion in a single day—part of a $2.3 billion net outflow that tells a very different story than the headlines. Oracle's massive 2.8 gigawatt deal sent Bloom Energy Corporation (BE) rocketing 24% after hours, and Bernstein's $130 price target sparked a 10.3% surge in Robinhood Markets Inc. (HOOD), but the smart money's selling-to-buying ratio suggests the sharks are swimming in a different direction. 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

Inverse WSB

Whatever the sub is piling into this week, short it and buy your real lambo in 18 months.

The VIX declined sharply to 19.12, falling over 20% week-over-week and settling into normal range after a period of elevated concern in equity markets. Meanwhile, bond market volatility told a different story as the MOVE index surged 32% to 16.02, signaling increased uncertainty in fixed income despite remaining at historically low absolute levels. This divergence suggests equity traders have grown more comfortable while bond market participants are pricing in greater rate uncertainty or duration risk.

|| Market Sutra ||

"The hardest part of a rally is believing in it."

— Early 2009 felt like the world was ending, not beginning a bull

Market breadth remains narrowly balanced with major indices showing tepid participation between 50-52%, though transports display slightly healthier internals at 60%. A notable divergence has emerged as defensive Utilities lead at 84% while traditional risk-on sectors like Semiconductors maintain 80% strength, even as consumer-facing segments including Discretionary, Healthcare, and Staples significantly lag in the 31-40% range. This mixed leadership pattern, combining both defensive positioning and select technology strength alongside consumer weakness, suggests investors are navigating conflicting signals about economic conditions and growth trajectories.

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

Yesterday's producer price data delivered a significant cooling signal, with headline PPI coming in at 0.5% versus the 1.1% estimate—a 60 basis point beat—while Core PPI printed at just 0.1% against expectations of 0.5%, suggesting wholesale inflation pressures moderated sharply in March despite recent tariff concerns. The API crude inventory build of 6.1 million barrels versus the expected 1.3 million drawdown points to weakening demand dynamics that could reinforce disinflationary trends, though traders will look to confirm this with today's official EIA report (estimated at +2.1M). Market attention today shifts to the Fed's Beige Book for qualitative insights on tariff impacts across districts, while tomorrow's retail sales and jobless claims data will test whether consumer resilience is holding—initial claims are expected at 215K versus last week's 219K, and any upside surprise in continuing claims (estimated 1,840K versus 1,794K prior) would signal labor market softening that could accelerate the Fed's rate-cut timeline.

Large-cap technology continues to see mixed institutional positioning, with approximately 3,200 ETFs adding exposure to mega-cap names like MSFT and META while roughly 2,000 ETFs trimmed these same positions—suggesting sector rotation within tech rather than broad exits. The split activity in semiconductor exposure via AVGO (2,957 adding vs 1,940 removing) mirrors the divided institutional sentiment across the technology sector as funds rebalance between growth segments.

MSFT Microsoft Corporation ⭐

+ Buying Falling Stock 5D +5.6% 3M -17.4% 1Y +3.6%

3289 ETFs • 0 shares

META Meta Platforms, Inc. ⭐

▲ + Buying Rising Stock 5D +15.2% 3M +3.2% 1Y +21.5%

3188 ETFs • 0 shares

AVGO Broadcom Inc. ⭐

▲ + Buying Rising Stock 5D +14.0% 3M +8.1% 1Y +121.9%

2957 ETFs • 0 shares

MU Micron Technology, Inc. ⭐

▲ + Buying Rising Stock 5D +23.3% 3M +34.6% 1Y +565.8%

2774 ETFs • 0 shares

INTC Intel Corporation ⭐

▲ + Buying Rising Stock 5D +20.6% 3M +44.8% 1Y +221.0%

2543 ETFs • 0 shares

MSFT Microsoft Corporation ⭐

- Selling Falling Stock 5D +5.6% 3M -17.4% 1Y +3.6%

2390 ETFs • 0 shares

META Meta Platforms, Inc. ⭐

▲ - Selling Rising Stock 5D +15.2% 3M +3.2% 1Y +21.5%

1964 ETFs • 0 shares

AVGO Broadcom Inc. ⭐

▲ - Selling Rising Stock 5D +14.0% 3M +8.1% 1Y +121.9%

1940 ETFs • 0 shares

NFLX Netflix, Inc. ⭐

▲ - Selling Rising Stock 5D +7.5% 3M +18.8% 1Y +15.3%

1873 ETFs • 0 shares

MU Micron Technology, Inc. ⭐

▲ - Selling Rising Stock 5D +23.3% 3M +34.6% 1Y +565.8%

1867 ETFs • 0 shares

Rep. Michael McCaul recently executed multiple transactions, purchasing broad market index funds VOO and VTI while selling individual stock positions in WWD, ASML, and SHEL. The trading pattern shows a shift from individual company holdings toward diversified index fund exposure.

VOO Vanguard S&P 500 ETF ⭐ CONGRESS

▲ + Buying Rising Stock 5D +5.3% 3M -0.1% 1Y +33.2%

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

VTI Vanguard Total Stock Market ETF ⭐ CONGRESS

▲ + Buying Rising Stock 5D +5.3% 3M -0.1% 1Y +33.9%

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

VOO Vanguard S&P 500 ETF ⭐ CONGRESS

▲ + Buying Rising Stock 5D +5.3% 3M -0.1% 1Y +33.2%

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

VTI Vanguard Total Stock Market ETF ⭐ CONGRESS

▲ + Buying Rising Stock 5D +5.3% 3M -0.1% 1Y +33.9%

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

SGI Somnigroup International Inc ⭐ CONGRESS

+ Buying Falling Stock 5D +13.6% 3M -11.5% 1Y +41.7%

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

WWD Woodward, Inc. ⭐ CONGRESS

▲ - Selling Rising Stock 5D +7.5% 3M +23.8% 1Y +143.3%

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

ASML ASML Holding N.V. ⭐ CONGRESS

▲ - Selling Rising Stock 5D +16.2% 3M +18.6% 1Y +135.4%

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

SHEL Shell plc ⭐ CONGRESS

▲ - Selling Rising Stock 5D -3.0% 3M +28.7% 1Y +57.5%

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

BRK/B BRK/B ⭐ CONGRESS

▲ - Selling Rising Stock

Sen. Tina Smith (Tina Smith) • $100,001 - $250,000

FDS FactSet Research Systems Inc. ⭐ CONGRESS

▲ - Selling Rising Stock 5D -1.8% 3M -24.4% 1Y -45.9%

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

Notable cluster activity this week shows 10 insiders purchasing shares of IPX while 8 insiders added positions in LW, representing coordinated accumulation activity. On the distribution side, 67 insiders at CRWV collectively sold $254.2M in shares, followed by insiders at LGN offloading $1.7B across 4 transactions and 6 insiders at WYNN reducing positions by $98.4M.

IPX IperionX Limited ⭐ INSIDER

+ Buying Falling Stock 5D +23.3% 3M -26.0% 1Y +135.8%

10 insiders • $80.5M

NASDAQ:SVC NASDAQ:SVC ⭐ INSIDER

▲ + Buying Rising Stock

5 insiders • $50.3M

LW Lamb Weston Holdings, Inc. ⭐ INSIDER

+ Buying Falling Stock 5D +7.8% 3M +6.4% 1Y -17.3%

8 insiders • $31.0M

LONA LeonaBio, Inc. ⭐ INSIDER

▲ + Buying Rising Stock 5D -22.4% 3M +38.5%

12 insiders • $20.9M

IMVT Immunovant, Inc. ⭐ INSIDER

+ Buying Falling Stock 5D +7.9% 3M +2.9% 1Y +79.5%

11 insiders • $20.5M

LGN Legence Corp. Class A Common stock ⭐ INSIDER

▲ - Selling Rising Stock 5D +20.1% 3M +46.0%

4 insiders • $1.7B

CRWV CoreWeave, Inc. Class A Common Stock ⭐ INSIDER

▲ - Selling Rising Stock 5D +37.5% 3M +30.3% 1Y +177.7%

67 insiders • $254.2M

WYNN Wynn Resorts, Limited ⭐ INSIDER

- Selling Falling Stock 5D +5.1% 3M -9.4% 1Y +47.1%

6 insiders • $98.4M

MNR Mach Natural Resources LP ⭐ INSIDER

- Selling Falling Stock 5D +0.1% 3M +21.8% 1Y +7.5%

2 insiders • $71.2M

UTHR United Therapeutics Corporation ⭐ INSIDER

▲ - Selling Rising Stock 5D +2.3% 3M +19.9% 1Y +107.4%

167 insiders • $70.8M

Approximately 160 stocks report earnings today, with accumulation signals present in UNH.BA and 3750.HK ahead of their results. Distribution signals have emerged in BACRP and ICICIGI.BO, which also report today. Yesterday's session saw notable moves in 0QZZ.L, which gained 11.8%, ATX.V up 11.6%, and C advancing 10.7%.

📊 Previous Earnings — April 14, 2026

251 reported • ✅ 36 beats • ❌ 4 misses

0QZZ.L BlackRock, Inc. ⭐ BEAT +11.8%

50

▲ + Buying Rising Stock

EPS: $12.53 vs $11.65 est (+7.6%)

ATX.V ATEX Resources Inc. ⭐ MET +11.6%

50

▲ + Buying Rising Stock

EPS: $-0.06 vs $-0.06 est

C Citigroup Inc. ⭐ BEAT +10.7%

70

▲ + Buying Rising Stock

EPS: $3.06 vs $2.63 est (+16.3%)

JUSTDIAL.BO Just Dial Limited ⭐ BEAT +10.2%

30

+ Buying Falling Stock

EPS: $14.36 vs $14.32 est (+0.3%)

BLK BlackRock, Inc. ⭐ BEAT +10.1%

50

▲ + Buying Rising Stock

EPS: $12.53 vs $11.65 est (+7.6%)

AGF-B.TO AGF Management Limited ⭐ MISS -9.9%

70

▲ + Buying Rising Stock

EPS: $0.30 vs $0.47 est (-35.5%)

JUSTDIAL.NS Just Dial Limited ⭐ BEAT +9.9%

50

+ Buying Falling Stock

EPS: $14.36 vs $14.32 est (+0.3%)

TFBANK.ST TF Bank AB (publ) ⭐ BEAT +9.8%

70

▲ + Buying Rising Stock

EPS: $3.17 vs $2.87 est (+10.5%)

UU2.DE BlackRock, Inc. ⭐ BEAT +9.6%

50

+ Buying Falling Stock

EPS: $10.85 vs $10.09 est (+7.5%)

ACI Albertsons Companies, Inc. ⭐ BEAT -9.4%

50

+ Buying Falling Stock

EPS: $0.48 vs $0.43 est (+11.6%)

🎯 Reporting Today — April 15, 2026

160 reporting • Smart Money: 60 acc • 47 dist • 53 neut

UNH.BA UnitedHealth Group Incorporated ⭐

70

▲ + Buying Rising Stock

3750.HK Contemporary Amperex Technology Co., Limited ⭐

70

▲ + Buying Rising Stock

300750.SZ Contemporary Amperex Technology Co., Limited ⭐

70

▲ + Buying Rising Stock

2327.TW Yageo Corporation ⭐

70

▲ + Buying Rising Stock

NFLX.NE Netflix, Inc. ⭐

70

▲ + Buying Rising Stock

ASMLF ASML Holding N.V. ⭐

70

▲ + Buying Rising Stock

EPS: $8.27 vs $7.62 est

ASML ASML Holding N.V. ⭐

70

▲ + Buying Rising Stock

BOFA.NE Bank of America Corporation ⭐

70

▲ + Buying Rising Stock

ASML.AS ASML Holding N.V. ⭐

70

▲ + Buying Rising Stock

ASME.DE ASML Holding N.V. ⭐

70

▲ + Buying Rising Stock

EPS: $7.16 vs $6.60 est

0Q16.L Bank of America Corporation ⭐

70

▲ + Buying Rising Stock

BAC Bank of America Corporation ⭐

70

▲ + Buying Rising Stock

UNH.NE UnitedHealth Group Inc ⭐

70

▲ + Buying Rising Stock

BAC-PB Bank of America Corporation ⭐

70

▲ + Buying Rising Stock

BML-PL Bank of America Corporation ⭐

70

▲ + Buying Rising Stock

Smart money activity this week reveals divergent positioning across different participant types, with institutional flows showing internal rotation rather than directional conviction. Large-cap technology names including Microsoft (MSFT) and Meta Platforms (META) saw approximately 3,200 ETFs adding exposure while roughly 2,000 ETFs trimmed positions, suggesting rebalancing within the sector rather than wholesale exits. Similarly, Broadcom (AVGO) experienced split activity with 2,957 funds adding and 1,940 removing positions. On the insider front, coordinated cluster buying emerged in IperionX (IPX) with 10 insiders purchasing shares and Lamb Weston (LW) attracting 8 insider buyers, while heavy distribution hit Crown Electrokinetics (CRWV) where 67 insiders sold $254.2 million, Lingo Telecom (LGN) where insiders offloaded $1.7 billion across 4 transactions, and Wynn Resorts (WYNN) with 6 insiders reducing positions by $98.4 million. Rep. Michael McCaul executed a notable shift from individual stock exposure to broad market diversification, purchasing VOO and VTI index funds while exiting positions in Woodward (WWD), ASML Holding (ASML), and Shell (SHEL). Market internals paint a picture of conflicting signals as equity volatility normalized while fixed income uncertainty spiked. The VIX declined sharply to 19.12, falling over 20% week-over-week and settling back into normal range, yet the MOVE index surged 32% to 16.02, suggesting bond traders are pricing in greater rate uncertainty despite equity participants growing more comfortable. This divergence plays out in sector behavior where defensive Utilities lead with 84% strength while Semiconductors maintain 80% participation, even as consumer-facing segments including Discretionary, Healthcare, and Staples lag significantly in the 31-40% range. Major index breadth remains tepid at 50-52% with SPY strength at 51.7%, though Transports show slightly healthier 60% participation. The mixed leadership pattern combining defensive positioning with select technology strength alongside consumer weakness suggests investors are navigating contradictory signals about economic momentum and growth trajectories. Immediate catalysts center on whether yesterday's disinflationary data marks a turning point or a temporary reprieve. Producer price data delivered a significant cooling with headline PPI at 0.5% versus the 1.1% estimate and Core PPI printing just 0.1% against expectations of 0.5%, while the API crude inventory build of 6.1 million barrels versus the expected 1.3 million drawdown points to weakening demand dynamics. Today's attention shifts to the Fed's Beige Book for qualitative insights on tariff impacts across districts and the official EIA report estimated at a positive 2.1 million barrel build. Tomorrow's data slate becomes critical as retail sales will test consumer resilience while initial jobless claims are expected at 215,000 versus last week's 219,000, and any upside surprise in continuing claims estimated at 1

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