Topics covered:
1) 0:00 Announcements
2) 0:40 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000)
3) 4:45 Stock Review – Biotech: XBI (ETF), RVNC, VTYX, IMCR, BTAI, AMLX
4) 8:40 Stock Review – Semiconductors: SMH (ETF), ACLS, ALGM, PI, AEHR, MBLY, LSCC, MPWR, MCHP
5) 12:50 Stock Review – Software: AYX, ESTC, TENB, PANW, AI, OSPN
6) 15:10 Stock Review – Watch List/General Ideas/Commentary: TMDX, WING, LVS, WYNN, URI, AXON, TXRH
7) 18:15 Conclusion/Summary

Market Summary:
In last week’s MidWeek Video (2/15/23), I discussed the five reasons I was expecting some weakness over the near-term. We ended up getting that weakness over the past week and now the big question is: Where do we go from here? My answer is that I’m going to be patient and observe how the market reacts over the next few days. The good news is that the major indexes pulled back on lighter volume. Yes, there were some distribution days over the past week, but they occurred on below average volume. Right now, the Nasdaq Composite is close to its 200-day moving average and the S&P 500 is close to its 50-day. I want to observe the price action from here, see if the selling stabilizes, and see if stocks begin to bounce near logical support levels.

As I mentioned last week, I’m not expecting any major moves over the near-term. That big option strangle trade makes me think that we stay in a range and that stock picking will be very important. In this video, I review some names that I will look to buy if the market stabilizes. Again, I’m in no rush, but I’m leaning optimistic because I still think we’re in an uptrend. I simply want to see the market prove itself over the next few days before increasing my investment exposure. Thank you and good luck for the remainder of the week.

Unusual Option Activity:
2/22/23 S&P 500 ETF (SPY) with 10K April $372 puts sold to open $4.55
2/22/23 Financials ETF (XLF) opening sale 5000 June 2024 37 calls for $3.36
2/22/23 Wynn Resorts (WYNN) massive buy 20,000 June $90 ITM calls $21.90 offer
2/22/23 Tesla (TSLA) buyer of 1000 September $265 calls today for $17.80
2/22/23 Colgate (CL) buyer 1475 May $75 puts into strength 2.65
2/22/23 Disney (DIS) buyer 1350 May $115 calls $2.18 offer
2/22/23 Home Depot (HD) with 4400 March $315 calls sold to open at $2.05 to $1.85
2/22/23 Diamondback Energy (FANG) seeing 2000 April $155 calls sold to open for $2.80 down to $1.60
2/22/23 Pfizer (PFE) large opening seller of 20,000 April $45 calls at $0.65
2/22/23 Arcus Bio (RCUS) unusual afternoon sweep buyer 1000 March $20 calls $1.25
2/22/23 Amazon (AMZN) buyer of 2500 March 31st $108/$118 call spreads for $0.85
2/22/23 Google (GOOGL) buyer 1370 September $97 calls $7.55 to $7.60
2/22/23 Snowflake (SNOW) 6500 July 230 short calls buying back to close
2/22/23 Cloudflare (NET) opening seller of 3500 March $53 puts for $1.12
2/22/23 Sigma Lithium (SGML) with recent speculation of a Tesla buyout seeing June $40/$45/$50 butterfly call spreads open 2000X4000 for $0.53
2/21/23 Nasdaq 100 ETF (QQQ) block of 2000 June $293 puts sold to open 14.48
2/21/23 Semiconductor ETF (SMH) buyer 1800 August $245 puts $22.35
2/21/23 S&P 500 ETF (SPY) with 25,000 March $383 puts sold to open for $3.27, adjusting some $381 puts.
2/21/23 S&P 500 ETF (SPY) also with 17,500 March 31st (W) $391/$369 put spreads bought
2/21/23 Homebuilders ETF (XHB) buyer 4000 June $64 puts $3.20
2/21/23 Tesla (TSLA) early buyers 10,000 March 3rd (W) $200/$220 call spreads for March 1st Investor Day
2/21/23 EOG Resources (EOG) buyer 650 June $118.50 calls $10.70 offer
2/21/23 Conoco (COP) with 1800 March 31st (W) $108 calls sold to open 3.55
2/21/23 Freeport McMoran (FCX) opening sale 1000 March $46 puts for $3.70
2/21/23 Meta (META) with 1100 May $175 puts sold to open $14.80
2/21/23 Microsoft (MSFT) into early dip seeing 4000 May $240 puts sell to open 8.20
2/21/23 Microsoft (MSFT) also opening seller of 500 Oct. 220 puts $9.90
2/21/23 DocuSign (DOCU) with 1000 April $55 puts sold to open 4.20 into downgrade weakness
2/21/23 Amazon (AMZN) massive spread sold 29,000 Mar. 31st (W) $92 puts to open $3.50 and bought 30,000 of the $97 calls $3.85
2/21/23 Amazon (AMZN) also opening sale of 1500 August 85 puts for 5.40
2/21/23 Nvidia (NVDA) with 2000 September $195 puts opening as June 2024 $210 puts close 1000X
2/21/23 Apple (AAPL) March $149 calls selling to open 10,000X at 4.60 bid