My CNBC Interview from Friday, July 1: https://www.youtube.com/watch?v=jGmF2tB4Zlc

Topics covered:
1) 0:00 Announcements
2) 1:35 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000)
3) 8:50 FOCUS LIST: XBI (ETF), CELH, SWAV, HALO
4) 13:25 Stock Review – Watch List/General Ideas/Commentary: UTHR, VIVO, CCXI, LEGN, CORT, HRMY, TMDX, GBT, ALKS, EVH, BEAM, DICE, MNST
5) 18:30 Stock Review – Big Pharma: LLY, MRK, BMY, VRTX, GSK, ABBV
6) 20:15 Conclusion/Summary

Market Summary:
As I’ve said since April, I’m not expecting any sustained upside until the Fed pauses their current rate-hiking cycle. However, I will always be open-minded with my approach to the markets. I’m continuously observing the price action to see if anything changes. Nothing dramatic has happened over the past week, but I’m definitely noticing some subtle positive signs beneath the surface. 1) There is price improvement in many of the stocks on our focus/watch list, specifically in Biotech and Medical-related names. 2) We had an additional follow through day on Tuesday, July 5th. It wasn’t on above average volume, but still nice to see. 3) The Nasdaq Composite is trying to regain its 21-day EMA. The negatives include: 1) The hawkish Fed that is still raising rates and fighting inflation. 2) I would like to see the sectors broaden out, so it’s not just Biotech acting well. 3) The S&P 500 is running into its 21-day EMA, which has been resistance recently.

The conclusion is the same: Stay defensive and be patient. If you are going to trade, I prefer using lighter than normal positions to help deal with this higher volatility environment. In this video, I discuss 3 scenarios from here. I’m open-minded to many possibilities, but I would prefer to see the market prove itself better before getting more invested. If you are lightly invested and looking to enter any new positions, make sure to get strong entry points closer the those key moving averages (the 21-day EMA and the 50-day). In other words, don’t chase extended stocks or ETFs. Thank you and good luck for the remainder of the week.

Unusual Option Activity
7/6/22 Devon Energy (DVN) opening seller 2350 January $28 puts for $1.74
7/6/22 Occidental (OXY) buyer of 1475 November $67.5 calls for $5.90 and 3150 October $65 calls bought $5.80 offer
7/6/22 Evolent Health (EVH) unusual buy of 1500 August $35 calls $2 to $2.05, M&A rumors in the past
7/6/22 Evolent Health (EVH) also an opening seller 500 Dec. $40 ITM puts today 8.40
7/6/22 Sarepta (SRPT) seller of 1500 August $60 puts to buy 1500 of the $80/$100 call spreads, net $3.40 debit
7/6/22 Oil Services ETF (OIH) with 4000 August $185/$165 put spreads bought for $4.80
7/6/22 Merck (MRK) 3500 weekly 95 calls unusually active early
7/6/22 Merck (MRK) also weekly 94 calls active 3000X
7/6/22 Google (GOOGL) spread bought 450 Aug 2220 puts at $106 and sold 460 of the Aug $2320 calls for $112.90
7/5/22 Gold ETF (GLD) with 3000 Oct. $176 calls sold to open for 3.40 to 3.35
7/5/22 Dice Therapeutics (DICE) with 1650 Oct. $17.50 calls bought $4.70
7/5/22 Celsius (CELH) seeing 1000 July $65 synthetic longs open and 2000 July 75/85 call spreads bought
7/5/22 Nasdaq 100 ETF (QQQ) with 10,000 Oct. $265 puts sold to open 12.81
7/5/22 Shockwave (SWAV) with 200 deep ITM Dec $130 calls opening near $79
7/5/22 Taiwan Semi (TSM) buyer of 15,000 October $80 calls for $4.30, adjusting Aug. $90 calls
7/5/22 On Holding (ONON) buyer of 1000 Jan 25 calls 1.40
7/5/22 Dutch Bros (BROS) with 2000 August $30 puts opening $3.73
7/5/22 Nvidia (NVDA) buyers 1150 July 22nd (W) $140 puts $7.65 offer
7/5/22 Amazon (AMZN) July 29th (W) $115 calls bought $5.50 to $5.55, earnings that week and trading 4000X