Ryan Detrick tweet about February second half weakness: https://twitter.com/RyanDetrick/status/1625267071268401161

Topics covered:
1) 0:00 Announcements
2) 0:35 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000)
3) 7:35 BONUS EDUCATIONAL CONTENT – Investment Levels
4) 10:40 Stock Review – Biotech: XBI (ETF), IBB (ETF), RVNC, VTYX, IMCR, BTAI, RAPT, VRNA, AXSM, AMLX
5) 17:30 Stock Review – Semiconductors: ACLS, ALGM, PI, AEHR, KLAC, LSCC, MBLY, MCHP
6) 20:50 Stock Review – Software: AYX, ESTC, TENB, SPLK, AI
7) 23:15 Stock Review – Watch List/General Ideas/Commentary: WING, TXRH, TMDX, URI
8) 25:15 Conclusion/Summary

Market Summary:
So far this year, the pattern of higher volume on the up days and lower volume on the down days continues. The strength throughout January makes me believe that we are in one of those healthy trends that is likely to last into mid-March. However, please keep in mind that the move will not be straight up, and that we will have normal pullbacks along the way. I will do my best to remind you of potential pullbacks based on the extended technicals and/or the seasonality. For example, in last week’s MidWeek Video (2/15/23), I discussed several reasons why we might see some weakness over the near-term: 1) The below-average volume early last week. 2) This upcoming week (the week after regular cycle OpEx) tends to trend to the downside. 3) The Ryan Detrick stat (see link above) about weakness in the second half of February. 4) The recent elevated bullish sentiment. 5) That Nasdaq 100 (QQQ) strangle option trade discussed on Wednesday.

So what do we do from here? Stay open-minded! All the major indexes pulled back to their 21-day moving averages last week. If this market is very strong, I am open to the possibility of a bounce off these levels. If the seasonal weakness comes in, we could see a move lower over the near-term. As I mention in this video, it doesn’t help anyone to say that the market could go higher or lower this week, but 1) No one knows what will happen and 2) I don’t have a strong opinion either way. I honestly think we will be in a range over the next two weeks and I plan to use any weakness to buy some of the stronger relative strength stocks mentioned in this video. I am currently 40-45% invested and I discuss strategies for investment levels around the 7:35 mark of this video. If you have any questions, you can ask them during the next webinar which will be this Monday, February 20th at 11AM EST. Thank you and enjoy the remainder of your long weekend!

Unusual Option Activity:
2/17/23 S&P 500 ETF (SPY) with 28,000 May $435 calls bought this morning as Feb. $410 calls sold
2/17/23 S&P 500 ETF (SPY) also 12,000 May $340 puts sold to open 2.20
2/17/23 ARK Innovation ETF (ARKK) buyers active in March $41 puts this morning 8000X
2/17/23 Celsius (CELH) buyer 1000 next week $92/$83 put spreads
2/17/23 Occidental Petro (OXY) with 2950 March 31st $50 puts sold to open for $0.54
2/17/23 Diamondback Energy (FANG) with 1650 March $135 calls opening up to $6.30
2/17/23 Diamondback Energy (FANG) also 2500 March 133.49 puts sold to open 4.70 to 4.60
2/17/23 Google (GOOGL) large buyers today for 1200 December 2025 $65 deep ITM calls at $43.85, over $5.3M
2/17/23 Nasdaq 3x Short ETF (SQQQ) March 3rd (W) $36 calls active w/ buyers today 8500X
2/17/23 Smartsheet (SMAR) aggressive buys 3500 March $50 calls $1.20 to $1.30 offer sweeps, reports 3-14
2/17/23 World Wrestling (WWE) seeing some buyers of 2000 March $90 calls at $4.20
2/17/23 Chewy (CHWY) opening sales 850 May 47.50 puts 6.05
2/17/23 Axon Enterprise (AXON) opening seller of 531 April $200 calls for $9.20, reports 2/28
2/17/23 Albemarle (ALB) buyer 270 September $260 calls $36.50 into weakness
2/17/23 Nvidia (NVDA) buyers 2000 July $185 puts $14.15 into earnings 2-22
2/17/23 Snowflake (SNOW) with 3500 April $150 puts sold to open between 12.90 to $14.50 into weakness, reports 3-1
2/17/23 Okta (OKTA) with 1500 August $50 puts sold to open $3.05
2/16/23 S&P 500 ETF (SPY) with 25,000 March 3rd (W) $405 puts bought and 35K of the $392 puts sold
2/16/23 Biotech ETF (XBI) buyers 1500 March 10th (W) $80 calls $6.05 to $6.50
2/16/23 Nasdaq 100 ETF (QQQ) large opening sale 16,000 December $310 puts $23.57
2/16/23 Wynn (WYNN) seeing 1700 March 31st $106 calls sold to open for $7.15, adjusts Febs
2/16/23 Exxon (XOM) seeing buyers of 1500 May $105 puts for $2.33
2/16/23 Eli Lilly (LLY) with 1000 June $290 puts bought up to $6.90
2/16/23 Revance Therapeutics (RVNC) buyer 4000 January $40 calls $5.43 as April adjust
2/16/23 Fulcrum Therapeutics (FULC) unusual buy 1000 March $15 calls for $1.10
2/16/23 NanoString (NSTG) unusual aggressive buy 1000 January $12.50 calls at $3.50 offer, reports 2-28
2/16/23 Neo Genomics (NEO) unusual buy 1000 May $12.50 calls $2.25 offer into earnings 2-23, similar to NSTG play
2/16/23 Nova Measuring (NVMI) interesting spreads in August 400X selling the $80 puts and buying $100/$125 call spreads
2/16/23 Nvidia (NVDA) buyer 750 May $200 puts $13.60
2/16/23 Twilio (TWLO) buyers of 1000 July $75 calls $13 to $13.35
2/16/23 Cisco (CSCO) trade opens 3000 January 2025 $55/$50 bear risk reversals for $1.55 credit
2/16/23 Alteryx (AYX) with 575 January $75 calls sold to open $11.40
2/16/23 Zscaler (ZS) opening sale 550 March $135 puts $9.50, reports 3-2
2/16/23 Fortinet (FTNT) with 2500 September $60 puts sold to open $5.40 to $5.30