Yahoo Finance Article (there’s a video interview at the top of the article): https://finance.yahoo.com/news/why-the-stock-market-might-give-back-april-gains-211605122.html

Topics covered:
1) 0:00 Announcements
2) 0:30 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000)
4) 10:25 Stock Review – Semiconductors: SMH (ETF), AMAT, LRCX, NVDA
5) 13:55 Stock Review – Medical Products: SWAV, NARI, VCEL, INMD, ALGN, STAA, ORGO, HALO, PGNY, APEN, INSP
6) 20:00 Stock Review – Watch List/General Ideas/Commentary: XRT (ETF), KSS, BKE, BGFV, XLF (ETF), GS, MS, RILY, COWN, EVER, SLX (ETF), NUE, STLD, XLE (ETF), OIH (ETF), HYRE, CELH
7) 23:20 Conclusion/Summary

Market Summary:
The best way I can sum up the market right now is that very little is working in the growth area. I am not turning bearish, but I am defensive until conditions improve. In last weekend’s video, I outlined my reasoning for the market to have a minor correction over the next two months. I also discussed it in my recent article for Yahoo Finance (which you can find above this summary). As always, I will be open minded and pass along any healthy signs if conditions improve, but for now, I suggest being defensive. By defensive, I mean using lighter than normal positions, minimizing new buys, getting off of margin (if you are on margin), and stopping yourself out of any positions that are decisively below their 10-week moving averages.

Of course, there are still many positives in this market. The sector rotation is keeping the S&P 500 propped up, which is why I’m not opposed to using ETFs (or sector ETFs) until more growth stocks set up. For example, Financials (XLF), Retail (XRT), and Steel (SLX) are examples of sectors holding up well while many growth stocks are correcting. Also, the Fed is still on the market’s side, which is why I’m not expecting any sustained downside. Again, a 4-6% correction in the overall uptrend is not unreasonable to expect, and would be very normal price action within the overall picture. Good luck for the remainder of the week, and remember to keep positions light until conditions improve!

Unusual Option Activity
5/5/21 Zillow (Z) post-earnings strength faded but a large opening sale of 5000 January $120 puts for $22 sees limited downside
5/5/21 Zillow (Z) also with 600 November $110 puts selling to open near $15 today
5/5/21 10X Genomics (TXG) with 1800 June $210 calls sold $5.90 to $5.10 to open
5/5/21 United Parcel (UPS) with 1500 May $215 calls bought $3.40/$3.50 offers this morning
5/5/21 Micron (MU) early buyer 5000 July $87.50 calls $5.20 to $5.30
5/5/21 Snowflake (SNOW) large afternoon opening sale 500 August $215 puts for $21.50
5/4/21 Facebook (FB) buyer of 3250 September 2022 $540 calls at $5 and $560 calls at $4.10
5/4/21 Marvell (MRVL) with 2000 January $45 puts being sold to open $6.60
5/3/21 Semiconductor ETF (SMH) buyer of 10,974 August $235 calls for $19.15, adjusting the May $225 calls again from 3/4
5/3/21 Taiwan Semi (TSM) with 4000 August $110 puts sold to open $4.50
5/3/21 Facebook (FB) buyer of 2,000 September 2022 $540 calls for $5.75 to $5.80
5/3/21 ON Semi (ON) into weakness with 1000 January $35 puts sold to open $3.90
5/3/21 Microsoft (MSFT) opening sale of 3,000 June 2022 $250 puts for $27.15