Topics covered:
1) 0:00 Announcements
2) 0:15 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000
3) 6:25 FOCUS LIST: NVDA, TSM, TSLA, LLY, INCY, RKLB, ASTS, XBI (ETF)
4) 9:40 Stock Review – Aerospace/Defense: SHLD (ETF), ATRO, FTAI, WWD, HXL, HWM, GE, PL, SATS
5) 12:45 Stock Review – Semiconductors and Data Storage: SMH (ETF), AVGO, KLAC, LRCX, ASML, PLAB, MTSI, TER, UCTT, MU, STX, WDC, SNDK
6) 16:10 Stock Review – Electronic/Energy/Data Center related: LITE, COHR, CLS, JBL, FN, VRT, GEV, ATI, KMT, BE, CIEN, GLW, AAOI, LASR
7) 19:30 Stock Review – Biotech/Medical: XBI (ETF), IBB (ETF), IMVT, EWTX, TERN, PCVX, AVTX, CGON, AXGN
8) 22:05 Stock Review – Others/General Ideas/Commentary: DVN, TDW, NEM, FCX, GOOGL, SPHR, REMX (ETF)
9) 23:25 Conclusion/Summary

Market Summary:
As I’ve discussed in recent videos, value-related stocks and the broader market have been acting better than growth stocks and growth-related indexes. However, over the past 10 days, I’ve been noticing subtle improvements in growth. For example, last week the Nasdaq Composite outperformed the S&P 500, and so far this week, the same is happening. In addition, the Nasdaq Composite had a follow through-type day on Wednesday, and it also regained its 21-day EMA. ARKK (an ETF of growth stocks) also regained its 21-day. As I mentioned, this is important to me because I mostly trade growth stocks as they perform better over the long term. In other words, I was not looking to chase the strength in value, and preferred to patiently wait for better price action in growth.

From here, I would like to see the overall price action continue to improve. Specifically, I don’t want to see any heavy distribution days. If we digest sideways, I would like it to occur in a healthy manner and on lighter volume. Also, regarding growth stocks, I would like to see lower volatility, better setups, and to see the extended stocks pullback on low volume. As always, the decisions you make should be based on your timeframe, your risk tolerance, and your overall investment objectives. Thank you and good luck for the rest of the week.

Unusual Options Activity:
2/25/26 S&P 500 ETF (SPY) 7000 March 27th $620/$615 bull put spreads sell to open
2/25/26 Nasdaq 100 ETF (QQQ) buyer of 3000 Sept $630/710 call spreads and sells the $490 puts
2/25/26 Equal Weight S&P 500 ETF (RSP) buyer of 800 Jan $205 calls at $13.50
2/25/26 Equal Weight S&P 500 ETF (RSP) also 2500 May $190 puts sell to open $2.36 as Jan short puts adjust
2/25/26 Nasdaq 100 ETF (QQQ) large opening seller of 3000 Sept $710/$490 strangles at $17.82
2/25/26 Utility ETF (XLU) 7500 Jan 41.5 short puts open 1.12
2/25/26 Brazil ETF (EWZ) with 15,000 May $43 calls bought 1.14 to 1.15
2/25/26 Taiwan ETF (EWT) buyers of 2000 Sept $95 calls $1.70
2/25/26 Software ETF (IGV) 2000 April $82/$78 bull risk reversals opening
2/25/26 Gold ETF (GLD) opening sale of 5300 Sept $435 puts at $17.70
2/25/26 Gold ETF (GLD) 50,000 Mar 13th (W) 495/510 call spreads buy, adjusting Feb 27th spreads
2/25/26 Bitcoin ETF (IBIT) buyer 7000 March 13th (W) $40 calls 0.86 offer
2/25/26 Netflix (NFLX) buyer of 55,000 May 90/105 call spreads
2/25/26 Tesla (TSLA) buyers 2000 April 2nd (W) $415 calls for $6M
2/25/26 BHP Group ADR (BHP) opening seller of 1000 March $80 puts for $2.50
2/25/26 Glaxo (GSK) 2685 April $60 short puts opening 2.35 to 2.25
2/25/26 United Therapeutics (UTHR) 1000 April $540 calls buy at $33.20
2/25/26 Henry Schein (HSIC) buyer of 1500 March $85 calls at $2.30
2/25/26 Citigroup (C) buyers of 4000 March $116 calls at $3.13
2/25/26 Blackstone (BX) 2140 Jan $100 puts sell to open $10
2/25/26 Freeport McMoran (FCX) massive stock replacements sell 4200 Jan $70 ITM puts at $12.30
2/25/26 Apple (AAPL) large opening seller of 10,000 April $270 puts at $8.35 to $8.20 bids
2/25/26 Google (GOOGL) 9500 April 345 calls buying for 3.90 to 4
2/25/26 Vertiv (VRT) 500 Nov $330 calls buy at $34.75
2/25/26 Marvell Tech (MRVL) 2250 Jan $100/$140 call spreads buy
2/25/26 Analog Devices (ADI) 2900 March 6th (W) $332.5 short puts open 1.44
2/25/26 Nvidia (NVDA) buyer 3000 March 13th (W) 202.50 calls $5.60 offer
2/25/26 Nvidia (NVDA) also offer buys in April 2nd (W) 210 and 220 calls 1200X and 2000X
2/25/26 Advanced Micro (AMD) block 4000 Nov $260 calls buys 27.14
2/25/26 Broadcom (AVGO) buyer of 750x 1500x Dec $300/$420 call ratios opening
2/25/26 Lam Research (LRCX) 2000 March $285 calls buy at $5.80 to $6
2/25/26 Applied Materials (AMAT) buyers of 1100 April $420 calls at $19.65 to $19.90
2/25/26 Advanced Energy (AEIS) 180 Dec $300 short puts open 42.80
2/25/26 Corning (GLW) stock replacement bought 600 Jan $220 max strike calls at 20.25
2/25/26 Corning (GLW) 1500 March 27th $155 calls buy at $16.75 to $17
2/25/26 Coherent (COHR) 4000 Jan $300 ITM puts sell to open at $92 to $90
2/25/26 Ciena (CEIN) buyer of 320 June $510 calls at $28.70
2/25/26 Micron (MU) opening sale of 5000 March 6th $425 puts for $17
2/25/26 Seagate (STX) with 1000 April $410 calls bought for $4.5M
2/25/26 EchoStar (SATS) 900 Jan $115 puts selling to open 29.40 down to 28.80
2/25/26 Vistra (VST) buyer of 1100 April $190 calls at $8.10
2/24/26 iShares S&P 500 ETF (IVV) massive opening sellers of 1150 Jan 2028 $690 puts at $58.50
2/24/26 Nasdaq 100 ETF (QQQ) buyers 1500 March 13th $615 calls at $7.80
2/24/26 Russell 2000 ETF (IWM) buyer 1000 Jan $285 calls $15.50
2/24/26 Semiconductors ETF (SMH) buyer 2250 April $425 calls $24.45
2/24/26 Financials ETF (XLF) 12,500 Dec $57 calls buy 1.57
2/24/26 Housing ETF (XHB) buyer 2500 March $120 calls $2.90
2/24/26 Regional Banks ETF (KRE) 1400 June 2027 $65 short puts open 7.05
2/24/26 Rare Earth ETF (REMX) 1200 March $92 calls buy up to $6.80
2/24/26 Turkey ETF (TUR) 2500 April $43/$46 call spreads bought
2/24/26 Gold Miners ETF (GDX) buyer of 2800 April $113 calls at $7.85 offer in a single block
2/24/26 Gold ETF (GLD) buyer 1050 April 2nd (W) $490 calls $13.40
2/24/26 Gold ETF (GLD) call spreads adjusting again with the March 13th (W) $485/$505 opening 55,000X
2/24/26 Tesla (TSLA) buyer 1000 April 2nd (W) $410 calls $22.20
2/24/26 Home Depot (HD) 1000 Sept $320 short puts open $7.51
2/24/26 Toll Brothers (TOL) buyer of 1200 March $165 calls at $4.25
2/24/26 Bloom Energy (BE) buyer of 1400 March $180/$200 call spreads
2/24/26 Bloom Energy (BE) buyers of 1500 April $170 calls at $32.35
2/24/26 Bloom Energy (BE) also May $190 calls buying 1500x
2/24/26 Constellation Energy (CEG) buyer 500 June $320 calls at $32.25
2/24/26 Baker Hughes (BKR) buyers of 1400 April $70 calls at $1.64
2/24/26 Exxon (XOM) 350 Jan 2028 $135 short puts open $14
2/24/26 AbbVie (ABBV) opening sale 1000 April $210 puts $3.20
2/24/26 Eli Lilly (LLY) 950 April $890 short puts opening 10.41
2/24/26 Axsome Therapeutics (AXSM) buyer of 300 May $180 calls at $13 to $13.50
2/24/26 Revolution Medicines (RVMD) buyer of 1000 April $110 calls at $9.40
2/24/26 CG Oncology (CGON) more large bull spreads as 2500 June $35 puts sell to buy $60/$85 call spreads
2/24/26 Blackstone (BX) 500 Oct $110 short puts open $12.45
2/24/26 Freeport McMoran (FCX) March $72 calls buy 6000X 2.12 as some $65 adjust
2/24/26 MasTec (MTZ) 400 Jan $230 puts sell to open $23.60
2/24/26 Kratos Defense (KTOS) May $97.50 call sweeps buy $11.30 offer 1425X
2/24/26 Rocket Lab (RKLB) 1260 Jan $65 short puts open 18.70
2/24/26 Alibaba (BABA) buyer 3100 May $165/$190 call spreads
2/24/26 CoreWeave (CRWV) 6000 April $130 calls buying $5.10
2/24/26 Google (GOOGL) large buyer of 1000 May $215 deep ITM calls at $95.75
2/24/26 Google (GOOGL) buyer 400 Dec 2027 $375 calls at $46.75
2/24/26 Google (GOOG) 2500 Mar 27th (W) $325 calls bought
2/24/26 nLIGHT (LASR) buyer of 2400 March $65 calls at $3.60 to $5.80
2/24/26 Applied Optoelectronics (AAOI) 500 April $50 calls buy 10.90
2/24/26 Corning (GLW) opening seller 5310 March $136 puts at $4.31
2/24/26 Nvidia (NVDA) sellers to open of 1300 March $202.50 ITM puts at $17.15 bids
2/24/26 Broadcom (AVGO) 3K April 2nd (W) 230 short puts open 2.02
2/24/26 Broadcom (AVGO) buyers of 1000 March 6th $325 calls at $17.40
2/24/26 Micron (MU) large lots buying 1100 March 27th $400 ITM calls at $48 to $50, reports 3/18
2/24/26 Advanced Micro (AMD) buyers of 3000 Jan $530 calls at $3.60 to $3.70
2/24/26 Advanced Micro (AMD) buyer 1000 Mar 27th (W) $235 calls $6.65
2/24/26 Intel (INTC) seeing IVs rise across the expiry’s led by April $50 calls with 26,000 being bought
2/24/26 Teradyne (TER) buyer 400 April $350 calls $22.80
2/24/26 Verizon (VZ) 3300 May $47 short puts open 1.18
2/23/26 S&P 500 ETF (SPY) 2300 March 27th $675 puts sold to open $11.64 and $10.87
2/23/26 Russell 2000 ETF (IWM) 10,000 Sept $285/$235 bull r/r opening near zero cost
2/23/26 Russell 2000 ETF (IWM) 1500 June 2027 $255 puts sell to open $22.15
2/23/26 Emerging Markets ETF (EEM) 3500 Dec $63 puts sell to open ITM 4.60
2/23/26 Taiwan ETF (EWT) buyers of 2900 Sept $85 calls at $2.35 to $2.50
2/23/26 South Korea ETF (EWY) opening seller 1000 July $115 puts at $6.90
2/23/26 Japan ETF (EWJ) buyer of 2700 June $101/$120 call spreads at $1.85
2/23/26 Utility ETF (XLU) 28,000 April $48 calls buying $0.81 and higher
2/23/26 Regional Banks ETF (KRE) 1200 Jan 2028 $59 short puts open 6.15
2/23/26 Biotech ETF (XBI) 5000 March 126/136 call spreads bought
2/23/26 Silver ETF (SLV) opening sales of 1300 Jan $55.50 puts $6.20 bids
2/23/26 Silver ETF (SLV) buyers 2000 Jan $79 calls at $21.05 offers
2/23/26 Silver ETF (SLV) 1100 June 2027 $120 calls buying at $14.35 as the Sept $120 calls from last week adjust
2/23/26 Silver ETF (SLV) Ultra Silver ETF (AGQ) buyers of 2000 March $200 calls at $22 in large lots
2/23/26 Tesla (TSLA) 7000 April $370 short puts, selling those down to $12
2/23/26 Pepsi (PEP) buyers 5500 March $170 calls
2/23/26 Exxon (XOM) 3000 Jan $90 puts sell to open $1.18 bid
2/23/26 Bloom Energy (BE) 1400 May $110 puts sold to open $14
2/23/26 Bloom Energy (BE) 1000 June $135 calls bought $55.75 offers
2/23/26 Noble (NE) 1175 Sept $60 calls bought 2.45 offer
2/23/26 Transocean (RIG) buyer 2500 June 2027 $7 calls 1.78
2/23/26 Williams Cos (WMB) adjusting April bull r/r and buys 8640 April 75 calls while selling 17,250 of the $65 puts
2/23/26 Amgen (AMGN) 1075 June $340 short puts opening at 9.10
2/23/26 Gilead Sciences (GILD) 600 May 140 short puts open 4.60
2/23/26 Novo Nordisk (NVO) 10,000 May $35 short puts open 1.58
2/23/26 Avalo Therapeutics (AVTX) unusual buyer of 5000 June $10/$30 call spreads for $5.70
2/23/26 CG Oncology (CGON) more bull flow sees 2500 June $35 puts sell to buy the $60/$85 call spreads
2/23/26 Citigroup (C) 800 Dec 2028 $85 short puts opening 10.10
2/23/26 Rockwell Automation (ROK) 2715 April $350 short puts open $4.21
2/23/26 Albemarle (ALB) buyers of 1800 June $200 calls $13.65 up to $15.80
2/23/26 Vertiv (VRT) 1000 Sept $210 short puts open $25.65
2/23/26 Corning (GLW) buyers of 450 Dec $100 deep ITM calls at $54.50 to $55.50
2/23/26 Lumentum (LITE) buyers of 1200 June $610 calls at $186 to $196
2/23/26 Lumentum (LITE) also buyers in the April $620 calls 2000x
2/23/26 Amazon (AMZN) opening sale of 4700 April 2nd $175 puts at $1.39
2/23/26 Amazon (AMZN) 3000 Jan 2028 $360 max strike calls buying $12.10 to $12.55
2/23/26 Nvidia (NVDA) buyers of 1000 March $187.50 ITM calls $13.25 to $13.60
2/23/26 Nvidia (NVDA) also 2500 March 6th $197.50 calls buy at $5.20
2/23/26 Nvidia (NVDA) buyers of 1900 June 2027 $370 far OTM calls at $9.20 to $9.35
2/23/26 Nvidia (NVDA) late day buyer over 20,000 March $205 calls $4.60 to $4.70
2/23/26 Google (GOOGL) buyers 1940 June 2027 $465 calls $17.35 and higher
2/23/26 Broadcom (AVGO) buyer of 4000 Mar 6th (W) $350 calls $11.60 to $12
2/23/26 Lam Research (LRCX) 400 Jan $330 ITM puts sell to open $107.50
2/23/26 Ultra Clean (UCTT) 1500 March 60/70 call spreads buying
2/23/26 Taiwan Semi (TSM) 6000 April $360 short puts open $19
2/23/26 AST SpaceMobile (ASTS) 2400 Jan $80 puts sell to open 26.70
2/20/26 Nasdaq 100 ETF (QQQ) late day opening seller of 12,000 March 31st $595 puts at $11.57 to $11.51
2/20/26 Biotech ETF (XBI) at the close a buyer of 10,000 March $125/$135 call spreads for $3.47