Topics covered:
1) 0:00 Announcements
2) 0:15 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000)
3) 8:35 FOCUS LIST: NVDA, DELL, MSFT, WING, VRT, LLY, NVO, CRWD, ISRG, MU
4) 12:!5 Stock Review – Software and Semiconductors: IGV (ETF), APP, SNPS, NOW, SMH (ETF), TSM, AVGO, KLAC, ARM
5) 14:45 Stock Review – Biotech/Medical Products: XBI (ETF), NBIX, CRNX, MRUS, NTRA, TMDX, RXST, PRCT
6) 17:05 Stock Review – Watch List/General Ideas/Commentary: CAVA, AVAV, LDOS, HWM, VST, CEG, NRG, WWD, META, NFLX, GOOGL, CAMT, CLS, NTAP, PSTG, CELH, ONON
7) 22:30 Conclusion/Summary

Market Summary:
Over the past several videos, I mentioned we’re in a power trend and to keep things simple. However, when you analyze the market, you have to be flexible, open-minded, and be willing to adapt when new information appears. The reason I bring this up is that a few negatives have shown up over the past week: 1) The Nasdaq Composite has seen three distribution days in the past five trading days. It’s not the end of the world, but you really don’t want to see heavy distribution during a power trend. 2) The RSP (S&P 500 Equal Weight ETF) is showing weakness in the broader market. 3) There are very few setups/safe entry points, as many of the stocks that have been working well are too extended. 4) Software continues to be weak and Salesforce’s earnings after the close today is not going to help that growth sector.

By no means am I sounding the alarm. I simply would like to lean a little defensive until we get more clarity. From here, one possibility is that the broader market weakness weighs on the strong stocks that are acting well. Another possibility is the weakness stabilizes and the market continues its resiliency. Rather than guess, I prefer to wait patiently for now. It’s possible the Nasdaq could just be looking for an excuse for some profit taking and sees a normal visit to its 21-day EMA. How I am dealing with this scenario is by keeping core positions in the stocks that I like longer-term that I have a cushion on, while also selling some positions into their recent strength. I review those sells in this video. Again, I’m not turning negative on the market because we’re still in a power trend. I just prefer to wait for more clarity. If you decide to trade over the near-term, don’t forget the guidelines of sticking to strong stocks, getting strong entry points, and managing your trades as best as possible. Thank you and good luck for the remainder of the week.

Unusual Option Activity:
5/29/24 S&P 500 ETF (SPY) buyer 20,500 June 14th (W) $535 calls for $2.25
5/29/24 Nasdaq 100 ETF (QQQ) opening sale of 1500 June 2025 $429.78 puts at $18.84
5/29/24 Energy ETF (XLE) with 3075 August $93 calls bought $2.435 and sells 4500 of the $100 calls
5/29/24 Semiconductors ETF (SMH) large buyer of 3000 August $250 ITM puts at $14.05 in a single block, over $4M
5/29/24 Russell 2000 ETF (IWM) with 70,000 July $192 puts bought $206 as some $195 adjust
5/29/24 Tesla (TSLA) 2500 July 5th (W) $200 calls sold to open 3.20 in a block
5/29/24 PDD Holdings ADR (PDD) put sellers again with 2200 July 5th (W) $148 sold to open 4.35 to 4.25
5/29/24 Netflix (NFLX) with 1000 July $680 calls bought $25.70 to $27
5/29/24 Uber (UBER) with 500 Dec 2026 57.5 puts sold to open 9.22
5/29/24 Uber (UBER) with 11,270 August $70 calls bought $2.71 as July adjust
5/29/24 Uber (UBER) with 1500 August $60 ITM calls buy for $7.85
5/29/24 ConocoPhillips (COP) buyer of 550 Jan 2026 $125 calls at $13
5/29/24 Citigroup (C) with 900 Dec 2026 $72.50 calls buy at $6.70
5/29/24 Blackstone (BX) opening seller 750 Dec 2025 $95 puts for 8.20
5/29/24 Abbott Labs (ABT) 1600 July 95 puts sell to open 0.74
5/29/24 Rhythm Pharma (RYTM) opening sales of 1000 July $35 puts at $2.20
5/29/24 Cameco (CCJ) 7000 June $50 puts sell to open $0.88
5/29/24 Arm Holdings ADR (ARM) buyer of 878 June 2026 $120 calls at $45.55
5/29/24 Dell (DELL) buyer of 2600 July $180 calls at $11.00 to $11.75
5/29/24 DataDog (DDOG) 1275 August $120 calls selling to open 10.85 to 10.15
5/29/24 Advanced Micro (AMD) with 1000 June 2026 $170 calls bought for $4.95M
5/29/24 Google (GOOGL) seeing size lot buyers of 6500 June 7th (W) $172.50 calls near $5.25
5/29/24 Nvidia (NVDA) buyer 29,000 September $1050 calls for $184.83 as $950 calls adjust
5/29/24 Cadence Design (CDNS) with 1050 July $265 puts sell to open at $2.65 to $2.70
5/29/24 Taiwan Semi (TSM) sees 1000 Nov $140 puts sell to open at $7.05 bids
5/29/24 Taiwan Semi (TSM) also a large opening sale of over 3000 July 5th $140 puts at $1.27
5/29/24 Constellation Energy (CEG) 1500 July 220/210 bull put spreads open 4.10 credit
5/28/24 Semis 3x Long ETF (SOXL) buyers of 9000 June 14th (W) $57 calls $2.75 to $2.85
5/28/24 Oil & Gas ETF (XOP) 5000 June $146 puts sell to open 1.60
5/28/24 Target (TGT) 4000 July $145 puts buying $3.45 as weekly $155 adjust
5/28/24 Hims & Hers Health (HIMS) seeing buyer of 4000 July $20 calls at $1.20 to $1.55
5/28/24 Hims & Hers Health (HIMS) buyers of 2000 July $23 calls at $0.90
5/28/24 PDD Holdings ADR (PDD) 5000 July $145 puts sell to open 3.45
5/28/24 PDD Holdings ADR (PDD) 8000 August $155 puts selling to open 10.60 to 10
5/28/24 Cava Group (CAVA) with 1000 June 7th (W) $84 calls bought 6.70 to 6.80
5/28/24 Cava Group (CAVA) 600 Dec $75 puts sell to open $9.10 bids and the $65 puts sell to open at $5.10 bids
5/28/24 First Solar (FSLR) seeing 2000 June 7th (W) $280 calls bought $10 to $11.50
5/28/24 Schlumberger (SLB) opening seller of 2250 June 2025 $35 puts at $1.19
5/28/24 ConocoPhillips (COP) buyer 500 January 2026 $135 calls $10.90
5/28/24 Wells Fargo (WFC) buyer of 500 Jan 2026 $40 deep ITM calls at $22.25, as Jan 2025 calls adjust
5/28/24 Coinbase (COIN) buyer 400 November $340 calls $25.30 to $26.40
5/28/24 Merus (MRUS) with 1000 July $55 calls sell to open at $4.45
5/28/24 J&J (JNJ) with 1735 January 2026 $145 puts selling to open for $11.05
5/28/24 Quanta Services (PWR) 1000 June $290 calls bought $4.96 as 1500 $280 calls adjust
5/28/24 Dell (DELL) buyer 700 Jan 2026 $195 calls for $35 into earnings this week
5/28/24 Arm Holdings ADR (ARM) buyer 700 Sept $125 calls $12.75 offer
5/28/24 Arm Holdings ADR (ARM) with 1100 August $165 calls seeing buyers at $4.55
5/28/24 Advanced Micro (AMD) 3000 June 2025 $170 puts sold to open $28
5/28/24 CrowdStrike (CRWD) buyer 500 July $370 calls $16.85 offer into 6-4 earnings
5/28/24 Marvell Tech (MRVL) 2500 July $77.5 calls bought $5.55 offer as June 67.5 adjust into earnings
5/28/24 Qualcomm (QCOM) with 3000 June $230 calls buy at $1.61 as the $200 calls adjust
5/28/24 Qualcomm (QCOM) bull flow continues at size with August $220 calls 2500X and August $230 calls 4350X with buyers
5/28/24 Oracle (ORCL) opening sale of 600 March $115 puts at $6.90
5/28/24 Nvidia (NVDA) seeing buyers of 2500 July $1210 calls at $45 to $47
5/28/24 Salesforce (CRM) spreads selling 1300 August $300 calls and buying March $360 calls
5/28/24 Camtek (CAMT) seeing 1700 Nov $80 puts sold to buy 3400 of the $110/$125 call spreads
5/28/24 Amazon (AMZN) trade puts on 1800 Dec $225/$150 bull risk reversals at $0.44 debit
5/28/24 Amazon (AMZN) also seeing August $200 calls trading 22,000X at $4 to $4.20
5/28/24 Microsoft (MSFT) buyer 1000 December $495 calls $10.15
5/28/24 Snowflake (SNOW) opening seller 350 March $155 puts $23.50