Topics covered:
1) 0:00 Announcements
2) 0:30 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000)
3) 7:45 Stock Review – Watch List/General Ideas/Commentary: SWAV, GH, PRCT, EVH, CELH, ENVX, LTHM, ALB, SGML, XBI (ETF), AKRO, AMLX, RXDX, RVNC, RYTM, APLS, NBIX, VRTX, DINO, FSLR, WWE, CALM
4) 16:30 Conclusion/Summary

Market Summary:
In this video, I review the positives and negatives in the market. The biggest positive from a contrarian point of view is the extremely negative sentiment. In addition, we are heading into a seasonally strong time, but I don’t think we will see any consistent strength until later in the quarter (November and December). If the market gets really weak, I wouldn’t be surprised to see the Federal Reserve ease up on interest rate hikes. Again, we need to be patient until we get verbal confirmation from them. The negatives continue to be the hawkish Fed and poor technicals. One subtle positive I noticed in the technicals last week is how the riskier indexes (Russell 2000 and Nasdaq Comp) held up better than the S&P 500, and how the selling volume wasn’t too heavy. Also, the Biotech ETF (XBI) showed incredible relative strength this week, similar to the week of June 17th. I review all these charts in this video.

The conclusion is the same. Be patient and wait for the market to prove itself. Because I’ve had high levels of cash the past two weeks (90-100%), I will be looking to take small positions in some ETFs if the market sees additional weakness early in the week. I will likely gravitate towards the XBI because it is the sector ETF that is holding up the best, but I will also look to buy a small SPY position in the 350-353 range if we see a drop this week. Again, I’m by no means complacent, I’m just going to use light positions in ETFs if they come down to my levels this week. Good luck and enjoy the remainder of your weekend.

Unusual Option Activity:
9/30/22 Johnson and Johnson (JNJ) opening seller 1550 April 140 puts for 3.45
9/30/22 Enovik (ENVX) with 1000 January 2024 $15 puts selling to open 4.90
9/30/22 Applied Materials (AMAT) opening sale 2000 December 70 puts for 2.73
9/30/22 DocuSign (DOCU) opening sale 1100 December 62.50 calls for 5.65
9/30/22 Treasury Inflation Bonds ETF (TIP) seeing buyers in Nov $108/$113 and Dec $109/$114 call spreads
9/29/22 Utility ETF (XLU) buyer 7500 November $67/$60 put spreads
9/29/22 Nike (NKE) large buy 2000 March $97.50 puts up to $11.05 into earnings
9/29/22 Walmart (WMT) buyers of 3500 October $132 puts this afternoon $3.55
9/29/22 Array (ARRY) with 2000 April $12.50 puts sold to open $2.05
9/29/22 Chevron (CVX) with 4000 January $115 puts sold to open $3.40 to $3.35
9/29/22 Cardinal Health (CAH) with 1750 November $75 calls bought $1.00 offers
9/29/22 Apple (AAPL) with 10,000 Oct. 14th (W) $145 calls selling to open $5.20 to $5.15
9/29/22 Apple (AAPL) 15,000 December $140 deep ITM calls selling to open 13.25 to 12.65
9/29/22 Google (GOOGL) longer-dated OTM puts active with buyers again with 1275 January 2024 $79 puts
9/29/22 Global Foundries (GFS) with 2750 November $40 puts sold to open 1.30 to 1.25