I remain bullish for the following reasons: Very little distribution, the major indexes are above their 21-day and 50-day moving averages, the leaders continue to act well, the Fed is on our side, and the persistent bearishness from most market participants. Over the short-term, I am a little cautious because of the seasonal trends (see links below). As I’ve mentioned several times, the end of the quarter (specifically March, June, and September) tends to see profit taking and portfolio re-balancing. Also, I think we will continue to see quick pullbacks to shakeout some of the short-term excessive call buying. Besides the seasonal links, I included a link to Mike Webster’s Stock Market Update. It gives great insight as to how he breaks down every day and very specific detailed analysis. I also included some Unusual Option Activity below.

Stock Trader’s Almanac post of the June OpEx seasonal weakness: https://jeffhirsch.tumblr.com/post/620728313288310784/more-volatility-likely-during-june-options
Quantifiable Edges seasonal weakness (link 1): https://quantifiableedges.com/the-bearish-aftermath-of-quad-witching/
Quantifiable Edges seasonal weakness (link 2): https://quantifiableedges.com/post-opex-weakness-typical-in-june/
Mike Webster’s Stock Market Update: https://www.investors.com/market-trend/stock-market-update-the-raging-bulls-victory/

Unusual Option Activity:
6/19/20 DexCom (DXCM) buyer 100 September $440 calls $28.80, also over 1000 of the $450 calls bought $26.90 to $27.80.
6/19/20 Seattle Genetics (SGEN) seeing 750 August $165 calls open $11.50 and 750 September $170 calls open $11.60 as June $145 and $150 adjust.
6/19/20 Neurocrine (NBIX) buyers of 1150 December $125 calls up to $13.60 to open.
6/18/20 TradeWeb Markets (TW) with another 2,500 July $65 calls being bought $2.65 to $3.10 and looking to add to yesterday’s buying.
6/17/20 TradeWeb Markets (TW) trading nearly 15X average calls today with 2,300 July $65 calls bought up to $2.90 to open and name with little other notable open interest.

Topics covered:
1) 0:00 Announcements – Next Stock Screening Webinar, Monday, June 22nd, 7PM EST
2) 0:35 Market Commentary
3) 5:55 Index Review – Nasdaq Composite, S&P 500, Russell 2000
4) 10:05 Stock Review – Leaders: NFLX, ADBE, COUP, AYX, ZS, ZM, DDOG, CRWD, FSLY, NOW, BTAI, SDGR, VRTX, DXCM, STAA, Z, CHGG, NVDA
5) 29:10 Stock Review – General Ideas: NLTX, PRVB, LVGO, TDOC, EPAM, IDXX, NBIX, REGN, TER, QRVO, TW, CELH, AXNX
6) 35:40 Stock Review – Current Setups: TSLA, TW, NFLX
7) 36:30 Conclusion/Summary