Topics covered:
1) 0:00 Announcements
2) 0:35 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000)
3) 6:40 Stock Review – Watch List/General Ideas/Commentary: XLE (ETF), XOP (ETF), OIH (ETF), UTHR, PRCT, LNTH, HALO, XBI (ETF)
4) 10:40 Conclusion/Summary

Market Summary:
Since early to mid-April, I have said numerous times that I am not expecting any SUSTAINED upside in the market until the Fed is done with their rate hiking cycle. Unfortunately, due the recent high inflation reports, the Fed’s hiking cycle will be more aggressive and it will continue to put pressure on an already vulnerable market. In addition, the few stocks that were holding up well are failing to make any progress and telling me to remain defensive until market conditions improve. As I mentioned in the recent Market Note, I prefer that members take some time off from trading and wait patiently for better opportunities. If you are inclined to trade, I emphasize my point on using LIGHTER than normal positions, and to use ETFs in order to avoid single stock risk at this time. Again, now is not the time to get aggressive and be a hero. I prefer that members focus on discipline, patience, and protecting capital.

One final point. A member asked me a great question if I’m expecting a quarter-end rally as I did in March of this year. My instincts are not as strong as they were in March, and if you are going to play a potential quarter-end countertrend rally, I prefer you use index ETFs and keep your positions light. I am going to pass on this trade, but if anything changes, I will of course let you know. Good luck for the remainder of the week and see you Sunday (not Saturday) for the next video. Please keep in mind the markets are closed here in the US on Monday, June 20th for the Juneteenth holiday.

Unusual Option Activity
6/15/22 Nasdaq 100 ETF (QQQ) opening hour action includes 1500 November $280 calls sold to open $24.50
6/15/22 Nasdaq 100 ETF (QQQ) also opening sales of 5000 November $210 puts for $4.78
6/15/22 Diamondback Energy (FANG) buyer of 2000 January $127.65 calls for over $7M as June calls adjust
6/15/22 Eli Lilly (LLY) bull risk reversals today with 980 January $320/$260 at a debit of $3.70
6/15/22 Apple (AAPL) large opening sale 4000 October $130 puts for $9.35
6/14/22 LAM Research (LRCX) buyer of 700 Sep. $340/$250 put spreads
6/14/22 CrowdStrike (CRWD) buyer 1000 July 1st (W) $150/$130 put spreads
6/13/22 Occidental Petrol (OXY) seeing 3000 December $50 puts bought up to $6 to open
6/13/22 Biotech (XBI) buyer of 7500 July 1st (W) $60 puts for $1.86 to $1.87 as the $65 puts adjust lower
6/13/22 Energy (XLE) buyer of 47,000 October $62/$52 put spreads while the July 1st (W) $80 puts bought 16,000X up to $2.60
6/13/22 Oil and Gas E&P ETF (XOP) with 20,000 July 1st (W) $140 puts bought for $4.35 to $4.65
6/13/22 Russell 2000 ETF (IWM) large early buy of 12,000 July $167 puts for $4.30 to $4.40, follows other recent July put accumulation