"Technology sector insiders keep buying"

1. CPI. "We continue to see an uptick in the share of CPI components running above 2%. Unlike previous months, however, this increase is increasingly being driven by components exceeding 4%. That said, the share running above 4% is now back above levels common before the pandemic."

2. Tariffs vs. inflation. New research from the Fed estimates "that the tariffs implemented through November of 2025 can explain the entirety of excess inflation in the core goods category and contributed to a 0.8 percent boost in core PCE prices through February 2026."

3. Sentiment Indicator. "The Vix volatility index is back to its February level below 20, while multi-asset measures like SocGen's Sentiment Indicator have swung into the fill-your-boots zone."

4. Tech insiders. "Technology sector insiders keep buying (The chart shows the total number of corporate insiders of companies covered by the XLK ETF that have bought shares on the open market during the past six months). Make of it what you will."

5. April seasonality. "April historically marks a transition in investor behavior, and we are seeing early signs of that shift. Tax-related reallocation flows are beginning to fade, with capital rotating toward forward-looking catalysts, including Q2 earnings and a potential reacceleration in IPO activity."

ICYMI