Topics covered:
1) 0:00 Announcements
2) 0:45 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000)
3) 14:05 Stock Review – Energy: XLE (ETF), XOP (ETF), OIH (ETF), USO (ETF), OXY, DVN, MPC, EOG, VLO
4) 17:10 Stock Review – Commodity Related: CF, MOS, NTR, IPI, BG, ADM
5) 18:10 Stock Review – Watch List/General Ideas/Commentary: LLY, BMY, MRK, LNTH, PRCT, SWAV, ALB, LTHM, SMCI, SMH (ETF), IBB (ETF), ON, CYTK, CELH, GH
6) 28:30 Conclusion/Summary

Market Summary:
My overall view is that we are still in a bear market correction, but I am expecting a countertrend rally over the next 1-3 weeks. Please keep in mind that corrections don’t go straight down and usually bounce back to key moving averages along the way. From here, I am open-minded to several possibilities including: 1) The rebound on Thursday/Friday is all we will see before heading lower. 2) A one-week bounce during this upcoming week of Options Expiration. 3) A three-week rally back to the S&P 500’s 50-day moving average (around 4250-4300). 4) That Thursday was the low for the year, but we would still need to see a FTD and more growth stocks set up. Again, my instincts tell me a 1-3 week rally, but I will take this day-by-day and continue to monitor the price action.

In this video, I review the 5 reasons I discussed nibbling on the SPY (S&P 500 ETF) on Thursday. I also discussed it in Wednesday’s MidWeek Video. In addition, I review some stocks that are holding up well and could be 1-2 months away from proper buy points. The conclusion is the same: We’re in a correction and stay defensive! My SPY position will likely be a trade over the next week or two, but overall, I am keeping things light and staying defensive. If you have any questions, you can ask them during the next webinar which will be this Sunday, May 15th at 11AM EST. Thank you and enjoy the remainder of your weekend.

Unusual Option Activity
5/13/22 Apple (AAPL) massive buyer of 5000 June 2024 $150 calls today for $29.30, around $15M
5/13/22 Occidental (OXY) the June $67.50/$75 call spread being bought 4250X for $1.88
5/13/22 Guardant Health (GH) 1300 Dec. $40 calls bought for $10 while June $45 calls are sold 1300X at $1.11 and 650 of the June $30 puts sell for $2.05
5/13/22 Nvidia (NVDA) with over 4000 June 2023 $480/$600 far OTM call spreads bought today for $0.75
5/13/22 Semiconductors ETF (SMH) seeing 1500 June $240 calls bought for $8.75 to $9.05
5/13/22 CytoKinetics (CYTK) 1000 June $45 OTM calls are bought $2.50 to $2.80 after the $47 calls were bought 1000X earlier this week
5/13/22 TG Therapeutics (TGTX) with 4000 January $30 far OTM calls bought for $0.50 today
5/13/22 Palo Alto (PANW) with 240 January 2024 $300 OTM puts sold to open today for $25
5/13/22 Taiwan Semi (TSM) with 4000 October $80 ITM calls bought for $15.15 this afternoon, size buy near $6.15M
5/12/22 Nasdaq 100 ETF (QQQ) buyer 2750 Dec. $310 calls for $18.48
5/12/22 Nasdaq 100 ETF (QQQ) also with buyer of 8000 September $290/$334 call spreads
5/12/22 Kraft (KHC) opening sales 3000 June 10th (W) $41 puts $0.79
5/12/22 Bristol Myers (BMY) buyer of 3000 Jan $82.50 calls for $2.94 and has 3000 July $72.50 short puts in OI from 4/27
5/12/22 Apple (AAPL) with opening sellers in August $130 puts today 7500X
5/12/22 Nvidia (NVDA) buyer 1000 August $210 calls $6.45 to $6.70
5/12/22 Taiwan Semi (TSM) afternoon buyers of 4000 August $95 calls for $4.05 to $4.10 offers
5/12/22 Taiwan Semi (TSM) also with buyers of 800 June 2023 $100 calls for $8.40
5/12/22 Fortinet (FTNT) with 950 September $165 puts selling to open $6.30
5/11/22 SeaGen (SGEN) late day IV surge as 1600 June $150 OTM calls were bought $1.60 up to $2.50
5/11/22 Guardant Health (GH) spread bought 600 December $30 calls $11.20 and sold 600 June $25 puts for $1.55, follows large bull spread yesterday
5/10/22 Guardant Health (GH) with 750 Dec. $30 calls opening today $9.80 to $10
5/10/22 Guardant Health (GH) also with 1000 December $45/$25 bull risk reversals opening $1.80 debit