Topics covered:
1) 0:00 Announcements
2) 0:35 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000)
3) 5:10 Stock Review – Biotech: XBI (ETF), RVNC, VTYX, AMLX, VRNA, RAPT
4) 7:40 Stock Review – Semiconductors: SMH (ETF), NVDA, PI, ACLS, ALGM, CRUS, LSCC, AEHR, MBLY
5) 10:20 Stock Review – Software: AYX, ESTC, AI, OSPN, TENB, PANW
6) 12:35 Stock Review – Watch List/General Ideas/Commentary: WING, URI, SGML, TMDX, CBAY, INOD
7) 15:00 Conclusion/Summary

Market Summary:
When the market pulled back over the second half of February, I noticed five positives and wrote about them in my Market Note to Members last week. Here’s the challenge right now. Fed Chair Powell was very hawkish in his testimony to Congress this week. He reiterated his priority to fight inflation and said he would continue to raise rates if the upcoming economic data remained hot. From here, I am going to remain open-minded and flexible. The negatives are the higher than normal distribution day on Tuesday and the hawkish Fed. The positives are that we didn’t see any follow through selling on Wednesday, many growth stocks continue to hold up well, and sentiment remains muted.

I am going to stick to my call that the market’s uptrend will resume over the next two months, however, I will NOT be complacent. What will get me to change my mind? If the technicals start to breakdown and we see heavy follow through selling. For now, I am going to stick to my positions (approximately 70-75% invested) but if any of my ETFs or stocks have a Friday decisive close below their 10-week moving averages, I will certainly reduce exposure. I realize there are many economic reports coming out over the next two weeks but I’m not going to live in fear over every one of them. Rather than obsessing over the macro data, I prefer to let the technicals and the price action guide me whether to stick to my positions or reduce exposure. Again, I will be open-minded, take this day-by-day, and see what the market shows us. If you have any questions, you can ask them during the next webinar which will be this Saturday, March 11th at 11AM EST. Thank you and good luck for the remainder of the week.

Unusual Option Activity:
3/8/23 Ark Genomics ETF (ARKG) with an unusual buy of 6000 April $28 puts at $1.35, adjusting March puts
3/8/23 Tesla (TSLA) seeing opening sales of 650 August $200 calls at $22.40
3/8/23 Walmart (WMT) buyers 3500 March 31st (W) $140 calls with 2300 of the $145 sold against
3/8/23 Occidental (OXY) buyer 2850 March 31st (W) $63 calls for $2.30 to $2.40 with the raised Berkshire stake
3/8/23 Apache (APA) large opening sale of 4250 April $32.50 puts at $0.52 bids
3/8/23 Schlumberger (SLB) seeing 5000 April $57.50 calls sold to open here for $1.08
3/8/23 Bristol Myers (BMY) with 1000 Sept $70 ITM puts sold to open $5.15
3/8/23 Google (GOOG) opening seller 1000 June 2024 $80 puts 5.65
3/8/23 Advanced Micro (AMD) with buyers of 1600 May $90 calls at $5.90 to $6, captures next earnings on 5/2
3/8/23 Apple (AAPL) with buyers 2400 April 14th (W) 152.50 calls near $5.70
3/7/23 Nasdaq 100 ETF (QQQ) buyer of 3500 June $302 calls for $14.37
3/7/23 Ark Innovation ETF (ARKK) with another 14000 April $41 puts bought as more March roll
3/7/23 Oil & Gas ETF (XOP) with 3000 April $132/$126 put spreads bought
3/7/23 Energy ETF (XLE) buyer 8000 April $81/$76 put spreads
3/7/23 Tesla (TSLA) also with 3000 April 6th $210 calls bought at $6.50
3/7/23 Tesla (TSLA) seller 900 October $150 puts to open $14.50.
3/7/23 Occidental (OXY) with 3000 March 31st $61 puts sold to open at $2.00
3/7/23 Nvidia (NVDA) buyer of 600 June 2025 $150 calls for $7.8M
3/7/23 Allegro Micro (ALGM) unusual buys of nearly 1000 August $50 calls near $3.40
3/7/23 Zscaler (ZS) seeing OTM call buyers of 1660 August $175 at $2.83 to $2.97
3/7/23 Apple (AAPL) size lots selling 15,000 March 24th (W) $150 calls to open this down to $5.15
3/7/23 Google (GOOGL) similar calls sold at the $90 strike 15,000X
3/6/23 S&P 500 ETF (SPY) April $387 puts opening 47,000X today as $383 adjust
3/6/23 Ark Innovation ETF (ARKK) with more than 8000 April $41 puts bought for $2.87, adjusting the March puts out
3/6/23 Nasdaq 100 ETF (QQQ) with 5000 August $270 puts sold to open for $7.43, adjusting March $290 short puts
3/6/23 Nike (NKE) with 5000 April $115 puts sold to open $3.20
3/6/23 Spotify (SPOT) opening sale 400 January 2025 $125 puts for $24.85
3/6/23 Occidental (OXY) buyer 1300 March 31st (W) $62 calls $2
3/6/23 Exxon (XOM) large midday opening sale for 4000 April $115 puts at $4.66
3/6/23 Visa (V) seeing buyers 1750 April $225 calls $7.50 to $8
3/6/23 Shift4 Payments (FOUR) with 2900 April $90 calls bought at $1.90, adjusts the March $75 calls out
3/6/23 DexCom (DXCM) opening seller 350 September $110 puts for $10.70
3/6/23 Boeing (BA) sweep buyer 1900 August $155 puts $2.92 offer
3/6/23 Advanced Micro (AMD) opening sale 3000 July $100 calls for $3.40
3/6/23 Google (GOOGL) buyer 1200 March 24th (W) $85 calls $9.70 to $10.05
3/6/23 Apple (AAPL) buyer 3000 March 24th (W) $155 puts bought $3.75 to $3.80
3/6/23 Lam Research (LRCX) with 300 June 2024 $390 puts sold to open $34.50
3/6/23 Service-Now (NOW) with 375 June 2024 $360 puts selling to open 30.50
3/6/23 Crowdstrike (CRWD) opening seller 500 January 2025 $125 puts for 27.80 into earnings showing confidence
3/3/23 Alteryx (AYX) buyers of 800 January $100 calls for $3.70
2/24/23 Innodata (INOD) unusual 1000 May $5 calls bought $2.25 to $3, a name that has been getting recognized as an AI play