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Topics covered:
1) 0:00 Announcements
2) 1:00 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000)
3) 10:00 UPDATED FOCUS LIST: NVDA, MSFT, WING, RVNC
4) 12:45 Stock Review – Semiconductors: SMH (ETF), AMD, ACLS, ALGM, AEHR, PI
5) 15:45 Stock Review – Software: PANW, FTNT, TENB, DUOL, CDNS
6) 17:50 Stock Review – Biotech: XBI (ETF), VKTX, TERN, ETNB, RCUS, KRYS, AXSM, PTCT, IMCR, ITCI, VRNA, AUPH, TGTX, AMPH, CBAY, BBIO, APLS, ISEE, ACLX
7) 21:00 Stock Review – Watch List/General Ideas/Commentary: ITB (ETF), SGML, ANET, PODD, DXCM, SWAV, TMDX, LNTH, CELH, DECK, ONON, FOUR, INOD, TXRH, ASO
8) 25:20 Conclusion/Summary

Market Summary:
Coming into this week, I discussed being open-minded to the different scenarios. An immediate move higher was unlikely because the market is waiting for clarity from the Big Tech earnings and from the Fed next week. A continued move sideways was a possibility, but I also discussed a shakeout down to the 50-day because the major indexes tend to visit this level regularly. The Nasdaq Composite dropped to its 50-day on Tuesday and there are three points I would like to make: 1) At least it occurred on lighter volume and wasn’t a heavy distribution day. 2) I’ve been stressing over and over to keep positions light to help deal with volatility, especially over earnings. 3) When conditions change and stocks or ETFs break support, then I have to make decisions and adjust the portfolio. I emailed everyone a Market Note on Tuesday in an effort to be transparent and let members know I was cutting losses on some positions.

This style of money management and trading isn’t for everyone. I’m just trying my best to cut losses on any positions that break down and let some of the winners run. When we get a sustained power trend, this style can result in very strong performance. The key now is to be patient and continue to keep positions light until we get one of those trends. I reduced my investment levels from approximately 70% coming into this week down to 45% currently. From here, I would like to observe how the market acts around these key levels and wait for clarity from the Fed next week. Again, patience and small positions are best until conditions improve. Thank you and good luck for the remainder of the week.

Unusual Option Activity:
4/26/23 Russell 2000 ETF (IWM) with 15,000 May26th $180/$165 bull risk reversals open for $0.75 credit
4/26/23 Semiconductors ETF (SMH) large buyer of 6000 July $240 puts at $11.55, adjusts May puts
4/26/23 UltraPro QQQ ETF (TQQQ) with over 6000 May $26.50 calls bought $1.34
4/26/23 Ark Innovation ETF (ARKK) with 12,000 June $33 puts bought $1.33, looks to be adjusting the $38/$30 put spreads
4/26/23 S&P 500 ETF (SPY) late day buyer of over 35,000 June $384 puts at $4.71, adjusts the $387 puts, likely an ongoing hedge
4/26/23 Tesla (TSLA) with 20,000 Dec. 2025 $95 calls opening $89.50 as June 2025 adjust
4/26/23 Starbucks (SBUX) seeing 1220 next weeks May 5th $112 puts sold to open $3.30
4/26/23 Valero (VLO) seeing 2700 January $80 puts bought at $3.05 offers
4/26/23 Schlumberger (SLB) with 1800 June $45 puts bought $1.67
4/26/23 Occidental (OXY) opening seller 900 June 2024 $60 puts for 8.20
4/26/23 Bristol Myers (BMY) buyers 575 January 2025 67.5 calls ITM $8.60 offer
4/26/23 Nvidia (NVDA) buyers of 900 August $315 calls at $12.25 offer
4/26/23 Advanced Micro (AMD) with sweep buys of 3500 Aug $90 calls at $7.90
4/26/23 Microsoft (MSFT) buyers 1600 August $300 calls up to $16.40 looking to add to open interest
4/26/23 Taiwan Semi (TSM) sweep buys of 2600 July $85 calls at $3.95
4/26/23 Snowflake (SNOW) seeing late day buys of 445 January $185 calls at $16.20
4/25/23 Equal Weight S&P ETF (RSP) seeing a rare trade with 10,000 Sept $125 puts bought at $1.80 to $1.85
4/25/23 Nasdaq 100 ETF (QQQ) seeing a large trade sell 10,000 June $295 puts at $4.53 to buy the $325 calls at $4.91,
small net debit bullish risk reversals
4/25/23 Russell 2000 ETF (IWM) seeing a large buyer of 50,000 June $166 puts at $2.79, adjusts the $168 puts lower
4/25/23 S&P 500 ETF (SPY) July $425/$385 bull risk reversals traded 17,850X to open this afternoon for a credit
4/25/23 Ford (F) with 7000 Sept $11 puts sell to open at $0.75
4/25/23 Skechers (SKX) with a buyer of 6600 May $55 calls for $0.65 offers
4/25/23 Starbucks (SBUX) seeing large buys 2900 July $115 calls up to $3.10
4/25/23 Occidental (OXY) buyers of 2200 Sept $55 puts at $2.67
4/25/23 Occidental (OXY) also 1650 June 2024 $55 puts sold to open 5.95
4/25/23 Halliburton (HAL) buyer 2000 July $36 puts for $4.03
4/25/23 Abbvie (ABBV) with 2500 January $180 calls sold to open $5.90
4/25/23 Sarepta Therapeutics (SRPT) June spreads selling the $90 puts to buy $150/$170 upside call spreads 1850X
4/25/23 Iveric bio (ISEE) with 2500 May $35 calls bought $1.05 to $1.10
4/25/23 Apple (AAPL) with 3500 June 2024 $105 deep ITM calls opening $67.80
4/25/23 Apple (AAPL) also seeing a buyer of 4200 May 26th $165 calls at $5.15, reports next week
4/25/23 Ambarella (AMBA) with 3800 May $72.50 OTM calls being bought $1.10 to $1.55
4/25/23 Adobe (ADBE) with 200 June $440 calls sold to open down to 31.45
4/25/23 Advanced Micro (AMD) opening seller 2000 August $70 puts $2.79
4/25/23 Nvidia (NVDA) block of 400 November $290 ITM puts sold to open 47.40
4/24/23 S&P 500 ETF (SPY) seeing a large buyer here for 20,000 May 2nd $400 puts at $0.56 offers
4/24/23 Nasdaq 100 ETF (QQQ) with 5800 July $295 puts active with buyers this morning near $5.85 offers
4/24/23 Tesla (TSLA) seller of 1000 November $140 puts 14.75
4/24/23 Target (TGT) buyer of 875 September $155 ITM calls at $18.15
4/24/23 Elf Beauty (ELF) with 750 August 80 puts selling to open 3.90
4/24/23 ON Holding (ONON) buyer of 1000 January $32.50 calls $7.30 offer sweep
4/24/23 Diamondback Energy (FANG) buyer of 1000 May $145 puts $6.80 to $7.10
4/24/23 Zillow (Z) early action opening 1000 November $40 deep ITM calls near 9.80
4/24/23 Burlington Stores (BURL) seeing aggressive buys of 1570 May $195 calls $4.10 to $5.70
4/24/23 Shift4 Payments (FOUR) with 715 December $70 puts bought $14.40 offer
4/24/23 Apellis Pharma (APLS) buyer of 2500 June $100 calls at $4 to $5
4/24/23 Apellis Pharma (APLS) also seeing buyers of 2000 May $95 calls at $3.40 to $5, likely adding to OI
4/24/23 Iveric Bio (ISEE) vote of confidence with 1750 June $29 puts sold to open $2.50
4/24/23 Google (GOOG) with 2500 January $89 puts sold to open $3.85
4/24/23 Atlassian (TEAM) with 300 January 2025 $145 puts sold to open for $33.40
4/24/23 Cloudflare (NET) opening seller 500 June 2024 $75 puts for $22.60
4/24/23 Spotify (SPOT) opening sale 300 October $115 puts for $8
4/24/23 Amazon (AMZN) buyer 1000 May $108 calls $5.20 offer ahead of earnings
4/24/23 Amazon (AMZN) also buyer 1500 January 2025 130/180 call spreads, been seeing a lot of longer-dated upside call spreads open in it