Register here for Nvidia’s GTC Conference: https://www.nvidia.com/gtc/?ncid=GTC-NVJFAHMY

Topics covered:
1) 0:00 Announcements
2) 1:10 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000)
3) 9:00 Stock Review – Energy/Commodity: XLE (ETF), OIH (ETF), XOP (ETF), HP, APA, MUR, MPC, CNQ, DVN, MOS, CF, ADM, NTR, DAC, MP
4) 14:40 Stock Review – Watch List/General Ideas/Commentary: EVH, ACLS, AOSL, PANW, SMH (ETF), ON, BROS, SG, GFS, ITCI, SRRA, SRTS, CORT, HRMY, CLH, IRTC, PCRX, LLY, VRTX, REGN, BMY
5) 26:05 Conclusion/Summary

Market Summary:
As I discussed in last weekend’s video, I was expecting a countertrend rally into quarter-end for the three reasons I mentioned. The problem is: 1) I didn’t expect it to occur so soon, as I was thinking towards the last 7-10 days of the quarter. 2) I didn’t expect the velocity of the move to be so strong. Last week saw the S&P 500 gain +1% or more in 4 consecutive days. That’s only happened 5 times in the history of the market!

So, now comes the big question: Is this the beginning of a new, sustained uptrend? Was this just a countertrend rally within an overall bear market? Or neither, and will the market be in a range for a while? My direct answer is I’m not sure. It’s too early to tell and my instincts tell me to be patient and let the market prove itself a little better. As you know, I like to approach the market with a very open mind and look at the positives and the negatives. Positives: Institutions are showing signs of coming back into the market, as seen in the Follow Through Days this week. The major indexes are trying to regain their 50-day moving averages. The price action of stocks is improving. Negatives: The Fed is still raising rates and removing liquidity from the system. The ongoing geopolitical tensions in Russia and Ukraine. Conclusion: You don’t have to be all in. I’ve been 0-20% invested most of the year and I increased my levels to approximately 40% this week. If market conditions continue to improve, I plan to add exposure, but for now, I will be patient and look for further signs of market health. I will continue to screen every night and update you if anything important shows up in between videos. Thank you and enjoy the rest of your weekend.

Unusual Option Activity
3/18/22 Evolent Health (EVH) afternoon buyers of 1000 April $30 calls, follows Thurs buys
3/18/22 CF Industries (CF) opening sale 1000 April $87.5 puts for $2.59
3/18/22 Microsoft (MSFT) afternoon buyers of 3000 April 29th (W) $320 calls for $3.10
3/18/22 ON Holding (ONON) seeing 1400 October $27.50 calls bought $5.10 offer
3/18/22 Apache (APA) with 1335 April $42.5 puts sold to open for $4.65
3/18/22 Devon (DVN) with 1000 January $45 puts sold to open $5.68 as the $25 short puts adjust
3/18/22 CF Industries (CF) opening sale 1000 April $87.5 puts for $2.59
3/18/22 Mosaic (MOS) seeing 2000 April $60 puts sell to open near $3
3/18/22 Mosaic (MOS) also seeing January $70/$95 call spreads bought to open 5000X
3/17/22 Alpha and Omega Semi (AOSL) buyers of 500 June $60 calls up to $6.90 offer
3/17/22 CSX Corp (CSX) with 13,000 June $40 calls bought $0.70 to $0.85 late day
3/17/22 Pfizer (PFE) buyer 2000 April 1st (W) $53.50 calls up to $1.60
3/17/22 Evolent Health (EVH) seeing some unusual Apr $35 calls bought early
3/17/22 Schlumberger (SLB) buyers active in April $42.50 calls this morning near $0.98 with 4500X trading
3/17/22 Diamondback Energy (FANG) large buys coming into April $135 calls 3750X at $5.90 to $6.20
3/17/22 Diamondback Energy (FANG) also with 1750 June $110 puts sold to open for $5.50
3/17/22 Berkshire (BRK.B) with 1000 January $370 calls bought $16.45 to open
3/16/22 Devon (DVN) opening sale 500 October $50 puts for $8.40