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Topics covered:
1) 0:00 Announcements
2) 0:55 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000)
3) 8:25 FOCUS LIST: XBI (ETF), CELH, SWAV, HALO
4) 15:35 Stock Review – Watch List/General Ideas/Commentary: UTHR, CYTK, CCXI, VIVO, TMDX, VRTX, BMY, MRK, LLY
5) 18:10 Conclusion/Summary

Market Summary:
Some members asked me if the market has bottomed. My direct answer is I don’t know. My instincts tell me no because I am still waiting for the Fed to announce a pause to their current interest rate hiking cycle. Of course, along the way down, we will have countertrend rallies, as bear markets just don’t go straight down. However, these countertrend rallies are too tough to time and not sustainable in my view. We could still see the market drift higher this week, as many people will be taking the week off ahead of the long holiday weekend here in the US. Of course, I am open-minded that we might have bottomed, but I would need to see more follow-through in the next few weeks, and most importantly, more stocks set up.

For now, I still think it’s worth staying defensive and keeping positions light. I am still expecting higher volatility later in July, as we head into earnings season and the next Fed meeting. The good thing is that some stocks/ETFs are showing great relative strength, and I think they will have strong potential over the next 6-12 months, once the market has bottomed. I review some of these stocks in the Focus List section of this video. Again, please keep any positions light until we see market conditions improve. If you have any questions, you can ask them during the next webinar which will be this Monday, June 27th at 7PM EST. Thank you and enjoy the rest of your weekend.

Unusual Option Activity
6/24/22 S&P 500 ETF (SPY) seeing large opening sellers in Aug $368 puts 15,000X, Aug $361 puts 20,000X and Sept $362 puts 15,000X
6/24/22 S&P 500 ETF (SPY) also 3450 ITM Sep. $369 calls opening for $10M and 3250 Dec. $355 ITM calls for $15M
6/24/22 Floor and Decor (FND) opening sellers 900 August $65 puts $3.60
6/24/22 Occidental (OXY) with 1950 June 2023 $62.5 calls opening $11.95 offer in a large trade
6/24/22 Occidental (OXY) sweep buyers 1000 Feb $65 calls $9.05 offer, 780 of the $67.50 calls at $8.20, and 1000 June 2023 $65 calls $11.05
6/24/22 EQT (EQT) opening sales 6500 Aug. $41 calls for $1.25
6/24/22 Exelixis (EXEL) buyer 1800 July $22 calls $1.10 with recent August call buys
6/24/22 Albemarle (ALB) buyer 1500 July $210 puts $6.90 with likely pricing concerns
6/24/22 Apple (AAPL) ITM July 22nd (W) $135 calls bought 6000X early for $5.5M
6/23/22 Semiconductor ETF (SMH) September $190/$160 bull put spreads open 3500X at $5.62
6/23/22 Celsius Holdings (CELH) July $65 calls with buyers up to $3 1900X
6/23/22 Monster Beverage (MNST) August $95/$105 call ratio opens 750X1500 at $1.92, could be targeting $105/share M&A price
6/23/22 Oil & Gas ETF (XOP) buyer 5000 Sept $133/$157 call spreads, also 2500 of the $126 puts sold to open $13.45
6/23/22 Oil ETF (USO) buyer 7500 October 79/70 put spreads for $3.60
6/23/22 Microsoft (MSFT) buyer 2000 March $205 puts for $8.82 as Aug. $220 adjust
6/23/22 Taiwan Semi (TSM) opening sale 1600 June 2023 $75 puts $7.20
6/23/22 SeaGen (SGEN) with 500 September $170 calls opening today $18.50
6/22/22 SeaGen (SGEN) seeing some spreads buy Aug 175 calls and sell Dec 200 calls positioning for M&A deal price