Topics covered:
1) 0:00 Announcements
2) 0:25 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000)
3) 4:10 FOCUS LIST: XBI (ETF), CELH, SWAV, PRCT
4) 6:35 Stock Review – Watch List/General Ideas/Commentary: LNTH, TMDX, AXNX, IRTC, EVH, PRVA, GH, NBIX, AXSM, XENE, CYTK
5) 10:15 Stock Review – Watch List Continued: PI, PLAB, MPWR, ACLS, ON, GFS, ALB, LTHM, ENVX, ENPH
6) 13:10 Conclusion/Summary

Market Summary:
My summary is basically the same as the Market Note that was emailed to members this morning. In case you missed the email, the notes are also posted on the site next to this video. I feel that September will be a difficult month for the markets. The Fed has made it clear that their priority is to fight inflation and that will provide a significant headwind over the next few weeks. Of course, there are companies that are doing well in this environment and their stocks are also acting well, but it’s tough to see any sustained upside until the Fed pauses their current rate hiking cycle. The conclusion is to remain patient and defensive until market conditions improve.

By defensive, that means limiting new buys, keeping positions light, and sticking to a loss cutting policy based on your timeframe. Of course, I will be open-minded and continue to work on watch lists and ideas for members, but for now, my instincts are telling me to remain defensive. Today (Wednesday) saw another distribution day for the Nasdaq Composite, but many stocks on our watch list (discussed in this video) were green. I’m going to do my best to keep exposure to these names (but with lighter positions) and keep a high level of cash in case the market sees another leg down during September. I am currently 80% cash, but please make your decisions based on your own investment objectives. I promise to do more webinars soon to take questions from members. Thank you again for your patience and I will keep you posted as soon as I finalize the dates for the next webinars.

Unusual Option Activity:
8/31/22 Oil & Gas ETF (XOP) Jan 2023 spreads sell 5000 of the $110 puts to buy the $145/$165 call spreads, net $2.10 debit
8/31/22 S&P 500 (SPX) November 3350/3150 put spreads trading 10,000X
8/31/22 AstraZeneca (AZN) opening seller 2000 July 2023 52.50 puts 2.31
8/31/22 Mirati Therapeutics (MRTX) seeing 2000 January $50 puts sell to open $5.15
8/31/22 Alnylam Pharma (ALNY) buyer 300 January $200 calls for $31.50
8/31/22 Axsome Therapeutics (AXSM) seeing 865 March $40 puts sold to open at $5 bids as some January short puts adjust
8/31/22 I-Rhythm (IRTC) with 750 September $150 calls opening $4.90 and still has upside call spreads in OI
8/31/22 Google (GOOG) spread sells 5000 Nov $95 puts to buy 5000 of the $117.5/$130 call spreads, net $1.35 debit
8/30/22 S&P 500 ETF (SPY) with nearly 20,000 October $379 puts bought this morning near $8 for $16M
8/30/22 Tesla (TSLA) seeing large buyers of 10,000 Nov $293.33 calls at $26, adjusting from the Sept $265 calls
8/30/22 Enovix (ENVX) October $32.5/$40 call ratios opening 2000X4000
8/30/22 J&J (JNJ) seeing 1350 January 2024 $200 calls bought $4.05 to $4.20
8/30/22 Eli Lilly (LLY) with 1000 Jan 2024 $220 calls opening for around $10.5M as Jan 2023 calls adjust
8/30/22 Apple (AAPL) with 20,000 December $160 calls sold to open $11.20 to $11
8/30/22 Amazon (AMZN) buyers active for 3300 September 23rd (W) $125 puts up to $3.85
8/29/22 Oil Services ETF (OIH) with 5000 January $215 puts bought $14.40 to $15.60
8/29/22 Biotech ETF (XBI) massive spread sells 20,000 January $80 puts to buy the $90/$110 call spreads
8/29/22 Exxon (XOM) with 1000 Sep. 23rd (W) $97 calls bought $5.40
8/29/22 Occidental Petro (OXY) buyer 1000 Sep. 23rd (W) $74 calls $3.70 to $4.20, same expiry as XOM calls
8/29/22 Guardant Health (GH) buyer another 2000 November $65 calls for $4.20 looking to add to OI
8/29/22 Health Catalyst (HCAT) unusual buys of 1050 December 12.50 calls for $1.60
8/29/22 Google (GOOG) buyer 620 November $98 calls $17.35 and (GOOGL) with 700 June 2024 $95 puts sold to open $10.05