Topics covered:
1) 0:00 Announcements
2) 0:25 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000)
3) 7:00 Stock Review – Semiconductors: SMH (ETF), LRCX, AMAT, ON, AMKR, ENTG, MKSI, QRVO, SWKS, CAMT, UCTT, ICHR, MU, WDC
4) 11:50 Stock Review – Watch List/General Ideas/Commentary: CPE, FANG, SM, RRC, XLE (ETF), OIH (ETF), MGNX, CRIS, EPIX, BZH, CCS, XHB (ETF), ITB (ETF), NARI, SWAV, VCEL, INMD, DKS, FL, XRT (ETF), RYAM, CC, USIO, ZDGE, SLQT, LAD, PUBM
5) 18:30 Conclusion/Summary

Market Summary:
Over the past 7 weeks, we’ve seen two different markets. As I’ve mentioned several times, growth has been in a correction while value (and other sectors) have been in strong uptrends. I was waiting to see three things happen: 1) A follow through day 2) The Nasdaq Composite to get back above its 50-day moving average 3) More stocks to set up. I was starting to see early potential signs of a turnaround which I why I did that special webinar last Tuesday. Some favorable signs were: 1) The upcoming new month and quarter where retirement money tends to flow into the market 2) April is one of the strongest months 3) The Semiconductor Index was already above its 50-day and that sector tends to be leading 4) The extreme bullish sentiment from early February was starting to decline.

This past week, we saw all three things happen. We had a follow through day on Wednesday, the Nasdaq got back above its 50-day on Thursday, and some growth stocks are starting to setup and breakout (mostly in the semiconductor sector). The only slight negative is that all this happened on light volume and that I’m not finding too many quality setups over the weekend. From here, we need to see additional follow through or at least some better upside volume coming back into the market. I would also like to see more setups, but again, be patient. If we are about to have a 4-6 week strong uptrend, there will be plenty of time to make money, but we still need the market to prove itself more consistently. If we decline this week or if the market moves sideways, that would be ok as long as the volume isn’t too heavy. I will continue to monitor the day-to-day price action and pass along any interesting findings along the way. There is no webinar this weekend, but if anything comes up, I am happy to schedule one mid-week. Thank you and enjoy your long holiday weekend!

Unusual Option Activity
4/1/21 Energy ETF (XLE) buyer 10,000 May $52 calls $1.242, spread with the $55 calls
4/1/21 Nasdaq 100 ETF (QQQ) with 13,000 December $360/$295 bull risk reversals opening at $6.12 credit
4/1/21 S&P 500 ETF (SPY) hot contract this morning the December 2022 $525 calls with 13,000 bought $3.15 to $3.35
4/1/21 Airbnb (ABNB) seeing 2475 April 9th (W) $195 calls bought $4 to $4.30 range
4/1/21 Lyft (LYFT) over 900 January 2023 $60 puts sold to open for $13.35 to $13.20
4/1/21 Square (SQ) with 2,500 April 23rd (W) $250 calls bought this morning from $5.25 to $6
4/1/21 Micron (MU) buyers in the May $95/$110 call spread 5,500X11,000 for $2.50
4/1/21 Adobe (ADBE) 1250 June $490 calls bought $22.95, look o be adjusting 1500 of the $470 calls
4/1/21 Applied Materials (AMAT) buyer 1750 next week $139 calls $5.45 adjusts some weekly $131 calls
4/1/21 Perion Networks (PERI) bull spread today sells 900 October $15 puts to buy the $20/$30 call spread
4/1/21 TelaDoc (TDOC) with near 1,000 October $165 puts sold to open this afternoon for $17 to $16.75
4/1/21 Chewy (CHWY) buyer of 1200 July $80 calls $11.80 to open this afternoon