Today’s most significant insider transaction comes in a Form 4 filing by Block $SQ director Roelof Botha.

Botha reported a $25 million purchase of SQ shares.

Artisan Partners Limited Partnership filed a 13G for Smith Douglas Homes Corp $SDHC revealing an initial stake of 10.50%.

Here’s The Hot Corner, with data from August 8, 2024:

In another Form 4, the chief operating officer of MP Materials Corp $MP, Michael Stuart Rosenthal, revealed an acquisition of 30,000 shares.

There was also insider activity in O-I Glass $OI, AGCO Corporation $AGCO, and Byline Bancorp Inc $BY.

SQ has been working on a reversal basing pattern since 2022.

Accumulation patterns like this tend to take time, as the trend gradually shifts from down to sideways to higher.

While the bulls have work to do, we prefer to wait...

The most significant insider buy on today’s list comes via a Form 4 filing by Blue Star Exploration Corp, which purchased $21 million worth of Comstock Resources $CRK.

Control Empresarial de Capitales S.A. continues to buy shares of PBF Energy Inc $PBF and Talos Energy Inc $TALO.

Here’s The Hot Corner, with data from August 7, 2024:

The CEOs of Intel Corporation $INTC and Vimeo Inc $VMEO both filed Form 4s revealing purchases of their own stock.

Impactive Capital filed a 13D for Marriott Vacations Worldwide Corporation $VAC revealing an increase in ownership from 7.42% to 8.60%.

Director Pauline Richards bought 2,351 shares in Apollo Global Management $APO.

APO has entered a corrective phase, falling almost 25% off its highs in the last few weeks.

The most significant insider buy on today’s list comes via three Form 4 filings by the CEO and president, the CFO, and a director of MGM Resorts International $MGM.

The chief financial officer of Royal Caribbean Cruises Ltd $RCL, Naftali Holtz, disclosed an acquisition of 5,350 shares, equivalent to $749,000.

Here’s The Hot Corner, with data from August 6, 2024:

The CEO of Blackstone Mortgage Trust $BXMT and one of the company's directors announced acquisitions totaling $1.2 million.

The CEOs of Pebblebrook Hotel Trust $PEB and AGCO Corporation $AGCO both filed Form 4s revealing purchase of their own stock.

RCL resolved higher from a multi-year basing pattern this year, ripping to new all-time highs.

Fast-forward to today, and price pulled back to the breakout level.

It's finding support at a shelf of former highs that coincide with an...

The most significant insider buy on today’s list comes via Form 4 filings by Control Empresarial de Capitales S.A. de C.V.

The Mexico-based investment company disclosed a $13 million acquisition in PBF Energy Inc $PBF and a $10 million purchase in Talos Energy Inc $TALO.

Fredrik Wilhelm Mohn filed a Form 4 reporting a $10.4 million purchase in Transocean $RIG through Perestroika Ltd, a Norwegian investment firm with interests in oil and gas, shipping, and other sectors.

Here’s The Hot Corner, with data from August 5, 2024:

Elliott Investment Management filed a 13D for Southwest Airlines Co $LUV revealing an initial stake of 7.00%.

Mobileye $MBLY CEO and president, Amnon Shashua revealed an acquisition of 631,963 shares, equivalent to $10.4 million in another Form 4.

There was also insider activity in Leidos Holdings $LDOS, Merchants Bancorp $MBIN, Verisk Analytics $VRSK, Matador...

The most significant insider buy on today’s list comes via a Form 4 filing by CEO Kevin P. Riley of First Interstate BancSystem $FIBK.

Riley reported a purchase of $347,718 in his own company’s stock.

Here’s The Hot Corner, with data from August 2, 2024:

Director Robert Stallings revealed the acquisition of 14,000 shares of Texas Capital Bancshares $TCBI.

This is Stallings' fourth filing in the last two weeks, his purchases during this time frame totaling $1,058,085.

In another Form 4, David L Gruber, director of LTC Properties Inc $LTC, revealed a purchase of $214,520.

After falling more than 60% since its all-time highs in 2021, FIBK made a tradable low and built a bearish to bullish reversal.

However, price failed to reclaim the upper end of this range near 32.50:

If FIBK is below 32.50,...

From the Desk of Steve Strazza @Sstrazza and Alfonso Depablos @AlfCharts

Welcome to the Hot Corner Insider Weekly Report!

As you know, we spend a lot of time tracking insider activity to come up with this universe.

But that’s only half the battle!

Once we identify the names insiders are targeting, we overlay our expert technical analysis to see if the market agrees with their actions.

While we track some of the most powerful and well-informed market participants… we aren’t just going to follow them blindly into their trades.

We want to see that the insider activity is confirmed by the trend before we get involved. 

When we can check both boxes, we identify asymmetric risk/reward setups and then jump in and ride these trends higher alongside the smart money.

You can...

The most significant insider buy on today’s list comes via a Form 4 filing by Control Empresarial de Capitales S.A. de C.V.

The Mexico-based investment company reported purchases totaling $2.8 million in Talos Energy Inc $TALO.

Here’s The Hot Corner, with data from August 1, 2024:

Director John T Baldwin revealed the acquisition of 8,000 shares of Cleveland-Cliffs Inc $CLF.

Last but not least, former Speaker of the House Nancy Pelosi bought 10,000 shares of NVIDIA Corporation $NVDA.

NVDA has been stair-stepping higher and consolidating constructively along the way since a huge base-breakout in May 2023. 

For the last month and a half, the AI leader has been undergoing a corrective wave.

NVDA has fallen more than 20% off its highs, reaching a key extension level from above. We’re looking at this as a potential support zone.

The most significant insider buy on today's list comes via a Form 4 filing by Hanwha Impact Global Corp.

The company reported a purchase of $87 million in NextDecade Corporation $NEXT.

Here’s The Hot Corner, with data from July 31, 2024:

Director Jonathan C. Locker of Loews Corporation $L revealed a purchase of 6,200 shares, equivalent to $499,896.

In another Form 4, director Richard Anderson bought 2,000 shares of Norfolk Southern Corporation $NSC.

After completing a multi-decade basing pattern in 2021, Loews Corporation has screamed higher to the 161.8% extension level and shows no signs of slowing down.

If L is above 75.40, then the path of least resistance is higher.

Stay tuned. We'll be back on Friday with more insider activity.

...

The most significant insider buy on today's list comes via a Form 4 filing by Liberty 77 Fund L.P.

The private equity firm revealed an additional purchase of $3,278,206 in Lions Gate Entertainment Corp $LGF.

The CEO of MaxLinear Inc $MXL, Kishore Seendripu, bought 108,303 shares, equivalent to $1.4 million of his own company’s stock.

Here’s The Hot Corner, with data from July 30, 2024:

The president and CEO of Allegion plc $ALLE, as well as one of its directors, filed Form 4s disclosing a total purchase of $811,454.

ALLE has been building a massive base for the last four years.

The stock has been on fire, rallying 18% in a near-vertical line since the beginning of the month to the upper bounds of its range.

We think it’s only a matter of time before buyers absorb the remaining overhead supply and break Allegion out of this base.

The most significant insider buy on today's list comes via a Form 4 filing by the executive vice president and CFO of General Motors Company $GM, Paul Jacobson.

Jacobson reported the acquisition of 25,000 GM shares, equivalent to $1.1 million.

Two directors of Lamb Weston Holdings Inc $LW, William Jurgensen and Robert Niblock, filed Form 4s revealing purchases for a total amount of $831,766.

Here’s The Hot Corner, with data from July 29, 2024:

Durable Capital Partners LP filed a 13G for RH $RHrevealing an initial stake of 5.20%.

In another Form 4, the president and CEO of Kaiser Aluminum Corporation $KALU revealed a purchase of $199,871.

In March, the stock broke out, completing a bearish-to-bullish reversal.

Fast-forward to today, and GM is pulling back to the breakout level:

As long as...

The most significant insider buy on today's list comes via a Form 4 filing by Abdiel Capital LP. The investment firm continues to build a position in Appian Corporation $APPN.

This time, Abdiel revealed a purchase of roughly $4.3 million, increasing its ownership stake to approximately 18.50%.

Here’s The Hot Corner, with data from July 26, 2024:

Neuberger Berman Group LLC filed a 13D for E2open Parent Holdings Inc $ETWO revealing an increase in ownership from 9.95% to 12.80%.

Last month, APPN experienced a nasty whipsaw, making multi-year lows.

However, it quickly recovered, resulting in a major failure at a shelf of former lows:

As long as price stays above 30, bulls are in control.

Stay tuned. We'll be back on Tuesday...

Sector rotation is the lifeblood of any bull market, and we don’t expect things to be any different this time around.

After a prolonged period without progress, small caps are back in the driver's seat. The Russell 2000 just capped off a bearish-to-bullish trend reversal with a decisive resolution.

At the same time, the profit-taking in mega-cap growth stocks has been non-stop these past two weeks.

The chart below shows the Russell 2000 printing its best 5-day streak of outperformance relative to the Technology Sector… in history:

We call these kinds of moves "initiation thrusts" because it is common for them to occur at inflection points, or the beginning of new trends.

In the case of the above, this extreme reading is telling us that small caps are ready to make a turn versus big tech.

Also notice where all of this is taking place. The extreme momentum in favor of small-caps is...