Topics covered:
1) 0:00 Announcements
2) 0:30 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000)
3) 6:00 FOCUS LIST: NVDA, MSFT, ADBE, NOW, LLY, NVO, UBER, DELL
4) 11:15 Stock Review – Software: IGV (ETF), SNPS, CDNS, PANW, CRWD, QLYS, ZS, VERX
5) 13:15 Stock Review – Semiconductors: SMH (ETF), AVGO, KLAC, LRCX, AMD, ONTO
6) 14:10 Stock Review – Watch List/General Ideas/Commentary: META, VRT, CLS, JBL, ANET, AVAV, PCAR, COCO
7) 16:45 Conclusion/Summary
Market Summary:
I recently summarized my market thoughts in three points: 1) We had incredible strength since early November, as the technicals improved considerably. 2) From here, I am expecting a normal consolidation either through price or through time. 3) If we digest the recent gains over the next 1-3 weeks, I am expecting the strength to continue into mid-January. Please keep in mind that I mostly talk in terms of probabilities. In other words, it’s possible that the market continues higher without pausing, but a consolidation is likely. While going through my screens this week, I noticed a lot of “right-sides” of bases being built. I review many of them in this video. If we pause over the near-term, that will give these stocks time to build proper handles and provide stronger entry points.
If you are looking to put new money to work, I suggest being patient or using lighter positions. Sometimes, we see profit taking at the end of the month. If that happens this Wednesday and Thursday, and some stocks pull back to logical support levels, it could provide for better entries. Again, this strategy depends on many variables, the main one being how invested you are. If you have any questions or would like me to review any stocks not discussed in this video, you can ask them during the next webinar, which will be this Tuesday, November 28th at 7PM EST. Thank you and enjoy the rest of your weekend!
Unusual Option Activity:
11/24/23 Tesla (TSLA) Dec 8th (W) $237.5 calls active 2350X with some size lot buys
11/24/23 McDonalds (MCD) buyers 900 March $290 calls $6.80 to $6 into upcoming Investor Day
11/24/23 Nike (NKE) 1000 Sept $120/$105 bull risk reversals open for $1.20 credits, reporting on 12/21
11/24/23 Uber (UBER) block of 6000 December $59 calls bought $0.62 offer
11/24/23 Spotify (SPOT) with 500 June $195 calls selling to open at $18.30
11/24/23 Coinbase (COIN) seeing 1500 Dec 8th $102 puts sell to open at $1.98
11/24/23 Novo Nordisk (NVO) opening sale 2000 Dec 8th (W) $105 puts 1.78
11/24/23 Eli Lilly (LLY) with 550 Feb $630 calls selling to open in buy writes for $26.00 to $26.50
11/24/23 Intracellular (ITCI) with 1620 Dec $60 calls bought $2.20 to $2.40 looks to be adjusting some Jan $45 calls
11/24/23 Advanced Micro (AMD) sizable opening sale 3000 January 2026 $120 puts for $23.80
11/24/23 Meta (META) with 2300 Jan $355 calls bought that look to be adjusting $340 calls
11/24/23 Meta (META) also with 1150 Feb $365/$420 call spreads bought
11/24/23 Snowflake (SNOW) large buy 1200 Jan 2025 $170 calls $37.70 ahead of earnings next week
11/24/23 Google (GOOG) block of 1000 January 2025 $135 puts sold to open $11.91
11/24/23 Super Micro (SMCI) with 400 January $260 puts sold to open $13.40
11/24/23 Texas Instruments (TXN) opening seller of 1000 June $160 calls at $9.45 to 9.30 bids
11/22/23 Emerging Markets ETF (EEM) with 2500 January 2026 $40 puts sold to open $3.65
11/22/23 Pepsi (PEP) opening seller of 1800 Feb $155 puts for $1.25 to $1.10
11/22/23 Wynn Resorts (WYNN) seeing 300 June $85 calls bought $11.15 offer
11/22/23 Uber (UBER) long-term bull buying 900 June 2025 $57.5 calls for $12
11/22/23 Shopify (SHOP) March $70 puts 500X at $6.35 are sold to open
11/22/23 Coinbase (COIN) large buy 9135 Jan $105 calls $13.27 as the $95 calls adjust higher
11/22/23 Merck (MRK) opening sellers of 1400 June $105 calls at $5.10
11/22/23 Advanced Micro (AMD) with 1500 Dec. 8th (W) $125 ITM puts selling to open $4.90 to $4.85
11/22/23 Nvidia (NVDA) 15,000 Dec $450 calls adjusting to Feb $460 calls
11/22/23 On Semi (ON) opening sale 800 January 2025 $60 puts for $6.68
11/22/23 Meta (META) buyer of 750 ITM April $270 calls this morning, $6.5M