Topics covered:
1) 0:00 Announcements
2) 0:15 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000)
3) 6:50 Stock Review – Software: IGV (ETF), MSFT, ADBE, NOW, CDNS, SNPS, VERX, PANW, CRWD, AYX, INTU
4) 10:15 Stock Review – Watch List/General Ideas/Commentary: NVDA, UBER, LLY, NVO, SMH (ETF), CLS, FN
5) 12:50 Conclusion/Summary

Market Summary:
In this video, I remind members that the major indexes are below their 50-day moving averages and we still need to remain defensive. In addition, the S&P 500 closed below its 200-day moving average. That doesn’t mean we are heading into a new bear market, it’s just another reminder that market conditions continue to deteriorate and to reman defensive. Some defensive strategies include: raising cash, getting off margin, not trading shorter-term directional options, minimizing trading, and making sure to stick to a loss cutting discipline. This last concept is very important because it can help prevent major damage to your portfolio in case the market continues to weaken. I am currently 80% cash and may reduce my exposure even further if the Nasdaq Composite breaks below its 200-day. Either way, I’m not looking to make any new buys until market conditions improve.

I removed the Focus List from these videos because I don’t want to encourage any new buys. I still like many growth stocks but the weight of the market is keeping them down. As soon as conditions improve, I will curate a new focus list with some of the best stocks I can find. If you have a longer-term timeframe and you are looking to buy some beaten down stocks that you like fundamentally, please remember three concepts: 1) Don’t buy all at once, start small. 2) Be willing to buy more even lower. 3) It will likely require a lot of patience before any of these technically broken stocks recover. This strategy is not for me, but I present it to members that have different styles and timeframes. Again, please be defensive, protect capital, and protect your confidence. I will continue to work for you and present ideas as soon as we see better health in the market. Thank you and good luck for the remainder of the week.

Unusual Option Activity:
10/25/23 Treasury ETF (TLT) with 14,500 Jan $88/$79 bull risk reversals opening this afternoon
10/25/23 Treasury ETF (TLT) 7000 March 90/80 bull risk reversals trade late
10/25/23 Financials ETF (XLF) with 10,000 June 2025 $32/$22 bull put spreads opening
10/25/23 Ultra S&P 500 ETF (UPRO) active with buyers of 9000 January $40 calls
10/25/23 Lululemon (LULU) buyers of 380 June $430 calls at $40.50, adjusting Jan $400 calls up and out
10/25/23 Celsius Holdings (CELH) large trade buys 3000 April $180 calls $26.20
10/25/23 Netflix (NFLX) with opening sellers of 380 May $390 puts at $31.60
10/25/23 Blackstone (BX) opening sale 200 Oct. 2024 $90 puts for 10.80
10/25/23 Zillow (Z) massive buy of 35,300 February $45 calls for $2.11
10/25/23 Regeneron Pharma (REGN) with 1250 November $900 calls sold to open $1
10/25/23 Microsoft (MSFT) seeing buyers of 4000 Dec 1st $365 calls for $2.63
10/25/23 Microsoft (MSFT) large buyer of 4300 March $300 deep ITM calls at $51.80
10/25/23 Microsoft (MSFT) also seeing some buyers of 1900 Nov $337.50 calls at $9.60
10/25/23 Amazon (AMZN) with 10,000 Oct. 27th (W) $115 puts sold to open $1
10/25/23 Nvidia (NVDA) with 1000 November $432.50 calls bought to open up to $19.90
10/25/23 ASML (ASML) with 500 December $570 puts bought for over $1.2M
10/24/23 Regional Banks ETF (KRE) buyer of 2000 March $38/$46 call spreads
10/24/23 McDonald’s (MCD) with 1400 Nov $255 calls buy at $6.85, adjusting Dec long calls
10/24/23 Home Depot (HD) opening sale 10,000 December $250 puts for 2.55
10/24/23 Halliburton (HAL) with 5000 Dec 1st (W) $36 puts sold to open 0.44
10/24/23 J&J (JNJ) with 10,000 January $140 puts selling to open $1.83
10/24/23 Archer Daniels (ADM) opening sale 800 January 2025 $60 puts for $3.20
10/24/23 On Semi (ON) with 2625 Dec 70 puts selling to open 1.25 as Nov 3 (W) 80 adjust
10/24/23 Alteryx (AYX) with 2500 November 30 puts sold to open 1.95
10/24/23 Snowflake (SNOW) opening seller 800 December $135 puts for 5.75
10/24/23 Amazon (AMZN) large bull trade opens 4000 Jan 2025 $165/$70 bull risk reversals for $7.80 debit
10/24/23 Celestica (CLS) into earnings with 7500 November $27.50 calls bought
10/24/23 Google (GOOG) buyer 3500 January $140/$120 put spreads this afternoon
10/24/23 Nvidia (NVDA) afternoon buys of 500 each May $430 and $435 calls for net $7M
10/23/23 Russell 2000 ETF (IWM) seeing 30,000 Dec $157 puts buy for $2.99, adjusting the $158 puts down
10/23/23 Russell 2000 ETF (IWM) also seeing an opening seller of 6000 June $142 puts for $3.96
10/23/23 Russell 2000 ETF (IWM) also 6k of the $115 puts sell to open at $1.41
10/23/23 Treasury ETF (TLT) large buyer for 11,000 Dec 29th (Q) $90 calls for $1.16
10/23/23 Netflix (NFLX) large opening sale 2500 December $370 puts $8.95
10/23/23 Netflix (NFLX) also a large opening seller of 400 March $410 puts for $39.10
10/23/23 Gilead (GILD) opening sale 1500 Dec. $72.5 puts for 1.24
10/23/23 Bristol Myers (BMY) opening sellers of 3000 Nov $57 calls at $1.07 bids, reports 10/26
10/23/23 Nvidia (NVDA) massive buy 10,000 Dec $380 calls $61.45
10/23/23 Amazon (AMZN) large ITM buyer of 4000 June $89 deep ITM calls at $42.40 to $43.10
10/23/23 Apple (AAPL) with 4250 Feb $175 calls bought near $10, adjusting Dec $190 calls
10/23/23 Microsoft (MSFT) another large cap Tech with a massive trade as 6000 Feb $300 calls are bought $44.85
10/23/23 Alteryx (AYX) buyer 1200 Dec $37.50 calls $1.97 adjusting some Nov positions, name with M&A interest