I will be a special guest on IBD LIVE this Friday, June 4th. They offer a FREE 2-week trial if you want to check out the product. Here’s the link with more info: https://shop.investors.com/offer/splashresponsive.aspx?id=IBD-Live&src=A00459A&&refcode=JF_IBDLiveLinks

Topics covered:
1) 0:00 Announcements
2) 1:00 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000)
3) 8:55 Comments on AMC, GME, sector ETFs, and making decisions
4) 15:10 Stock Review – Semiconductors: SMH (ETF), AMAT, LRCX, ASML, ICHR, UCTT, CAMT, NVDA
5) 18:30 Stock Review – Medical Products: ALGN, SWAV, STAA, INMD, VCEL, PGNY, CUTR
6) 21:40 Stock Review – Watch List/General Ideas/Commentary: CELH, RBLX, UPST, BZH, SIG, ZDGE, CELC, NVS
7) 25:15 Setups: BRKS, NVCR, SMH (ETF)
8) 26:55 Conclusion/Summary

Market Summary:
So far this week, the market has consolidated in a tight range. As I’ve mentioned in recent videos, I’m expecting a range during the month of June that eventually resolves to the upside. In the meantime, I don’t expect any sustained downside because the Fed is on our side, and sentiment gets very negative very quickly, providing a floor to the market. I also don’t expect any sustained upside over the next few weeks because I’m not finding tons of stocks setting up, and there aren’t many upcoming catalysts due to the seasonality.

That doesn’t mean to get discouraged, bearish, or turn your back on this market. It simply means we need to accept the range. There are times when the market goes straight up, times when it goes straight down, and other times when it goes sideways. For now, I feel this is one of those times when we will be in a range. Of course, I will continue to monitor the market’s day-to-day price action, and pass along any important developments as the come up. I still think there are some opportunities, and that it’s worth focusing on the strongest growth stocks out there. Of course, you can trade other stocks and sectors outside of growth. I just suggest getting strong entry points and using risk management with your positions. For now, keep exposure to strong stocks, have some cash (to possibly buy or add to positions), keep positions light (to give them some room), and be willing to accept some volatility. As I’ve mentioned many times, right before stocks and markets break out to the upside, they tend to put in shakeouts to create doubt and shakeout the weak hands. By getting strong entry points and using lighter positions, it can help you stick with those stocks, and keep you from getting shaken out. Good luck for the remainder of the week!

Unusual Option Activity
6/2/21 Snowflake (SNOW) with 500 August $250/$215 bull risk reversals put on as June $240/$205 adjust 700X
6/2/21 Roblox (RBLX) with 2,500 June 25th (W) $125 calls bought for $1.98
6/2/21 Roblox (RBLX) also with 1300 July $115 calls bought around $5.70
6/2/21 Roblox (RBLX) now also with 2,000 June 25th (W) $130 calls bought for $1.56, some other positions adjusting
6/2/21 Biotech ETF (XBI) with 10,000 July $135 calls opening buy for $2.19 earlier today ahead of ASCO this weekend
6/2/21 Biotech ETF (XBI) also with 2400 August $134 calls bought $4 offer sweeps
6/2/21 Oil & Gas ETF (XOP) seeing 4000 July $105/$110 call spreads open as lower strike calls adjust
6/2/21 Visa (V) spreads today are selling the October $220/$200 bull put spread and buying the $240 calls for a net $3.55, 660X
6/2/21 Devon Energy (DVN) opening sales of 2700 June $29 puts for $0.57, popular trade in the name
6/2/21 Valero Energy (VLO) with 1050 June $83 calls bought $2.17 to $2.50.
6/2/21 Valero Energy (VLO) also with 10,000 July $85 calls opening $3.82 as the June $80 calls bought on 4/16 adjust
6/2/21 Coinbase (COIN) with 300 June 2022 $200 puts sold to open $37.50 to $37.10 today
6/2/21 PayPal (PYPL) opening sales 400 August $260 puts $13.15 bid
6/2/21 Bill.com (BILL) with 200 October $160 puts sold to open ITM $24.50, has size bullish call spreads in August expiry
6/2/21 Palantir (PLTR) with 7000 November $27 calls bought up to $3
6/1/21 S&P 500 ETF (SPY) buyers of 47,500 July 2nd (W) $427 calls for $3.39 to $3.44 to open this morning
6/1/21 Semiconductor ETF (SMH) buyer 10,510 June $255 calls $3.80 as 6,006 of the $240 calls adjust
6/1/21 Semiconductor ETF (SMH) also with 2000 June 2022 $250 puts sold to open $27.90
6/1/21 Wynn Resorts (WYNN) bull spread sells 2,500 Sept. $115 puts to buy the $140/$160 call spread
6/1/21 Goldman Sachs (GS) with 500 January 2023 $290 calls bought for $106.83 today, a more than $5M purchase, some July calls adjusting
6/1/21 CoinBase (COIN) buyer of 2500 January 2023 $270/$330 call spreads for $18.25
6/1/21 Jumia (JMIA) offer sweep buys 5000 July $29 calls $4.60 to $5.20
6/1/21 Tesla (TSLA) buyer of 1000 October $800 calls for $29.95 earlier today
6/1/21 Progyny (PGNY) with 845 July $70 calls bought $2.25 to $2.30
6/1/21 LAM Research (LRCX) with over 875 June 11th (W) $650 ITM calls bought today for $20 to $27.80
6/1/21 Cutera (CUTR) with a spread buying 2000 December $45 calls and selling 2000 July $40 puts for net $3.20 debit