Topics covered:
1) 0:00 Announcements
2) 0:50 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000)
3) 9:15 FOCUS LIST: NVDA, MSFT, ORCL, WING, RVNC
4) 15:00 Stock Review – Semiconductors: SMH (ETF), AMD, AVGO, ASML, LRCX, ACLS
5) 18:20 Stock Review – Software: IGV (ETF), CRM, PANW, FTNT, DUOL, DT
6) 20:05 Stock Review – Biotech: XBI (ETF), AXSM, IMCR, LLY, NVO, MDGL, VKTX, TERN, ETNB, RCUS, KRYS, PTCT, ITCI, BTAI, TGTX, APLS, CBAY, INZY, ABOS
7) 20:50 Stock Review – Watch List/General Ideas/Commentary: SWAV, PODD, DXCM, TMDX, INSP, CELH, ONON, DECK, SMCI, ITB (ETF), LVS, HXL
8) 30:20 Conclusion/Summary

Market Summary:
In many recent videos, I discussed the cup and handle pattern forming on the Nasdaq Composite. During the handle consolidation, the pullbacks were mostly on light volume and down to logical areas of support (the 21-day and the 50-day moving averages). I started to discuss the four reasons I was more positive than most people on the market, and coming into this week, I mentioned how the week of regular cycle options expiration tends to trend to the upside. Overall, this past week was strong and many leading stocks moved higher. The only thing I would have liked to see was better volume, but for the most part, the technicals continue to improve.

From here, it wouldn’t surprise me to see some consolidation over the next week or two. In this video, I discuss how we can anticipate three options: 1) The Nasdaq Composite is a little extended and could get more extended. 2) We could correct sideways through time. 3) We could have a normal pullback to the 21-day. So, what should you do from here? Stick to your plan! If you are a longer-term investor, get those strong entry points and be patient through normal price movements. Using the 10-week moving average as your guide can help with bigger picture trends. If you are a shorter-term trader, you can always take partial or full profits into strength. Please keep in mind, there is no right or wrong answer. It is up to you to continue to fine-tune your style and work on your overall plan. For me, I will continue to stick with the winners (while taking some profits along the way), and cut the weaker positions. I am currently 65% invested and will look to put money to work if we get that pullback to the 21-day over the next week or two. Thank you and enjoy the remainder of your weekend!

Unusual Option Activity:
5/19/23 Nasdaq 100 ETF (QQQ) seeing 6000 August $355/$320 bull risk reversals for $1.18 credit, willing buyer at 320
5/19/23 S&P 500 ETF (SPY) buyers of 32,000 Sept $382 puts for $5.29 to $5.66, adjusting some August $375 puts
5/19/23 Lululemon (LULU) with 600 July $380 calls sold to open $18 to $17
5/19/23 Home Depot (HD) buyer of 1500 June $275 puts at $2.14, also selling the $305 calls at $2.44
5/19/23 DraftKings (DKNG) buyer 1600 December $30 calls $2.23 offer
5/19/23 WingStop (WING) with 1000 June $210 calls sold to open $5.72
5/19/23 Schlumberger (SLB) opening seller 1400 July $45 puts for $2.40
5/19/23 Exxon (XOM) buyers 1200 August $110 calls $4.38
5/19/23 First Solar (FSLR) opening sale 3000 September $140 puts for 2.67
5/19/23 Zillow (Z) massive buy of 10,000 January 2025 $45/$70 call spreads for $7.70
5/19/23 ImmunoGen (IMGN) seeing sweep buyers of 2900 June $15 calls for $0.80 to $1.20
5/19/23 SpringWorks Therapeutics (SWTX) unusual good size buy 500 September $25 calls $7.50 to $8
5/19/23 Broadcom (AVGO) opening sales 790 August $700 calls near $30
5/19/23 Google (GOOG) buyer of 10,000 June 23rd $132 calls for $1.39 to $1.48
5/19/23 Super Micro (SMCI) opening seller 1400 December $90 puts for $5
5/19/23 Micron (MU) large buyer of 3500 Sept $75 puts for $9.60 to $10
5/19/23 Micron (MU) also buyers of 5000 Sept $80 puts for $13.65
5/19/23 Advanced Micro (AMD) large block buyer for 25,000 June $115/$125 call spreads at $1.23
5/19/23 Palantir (PLTR) seller to open 3000 November $12 puts $1.87
5/19/23 Lam Research (LRCX) unusual buys of 3200 June $675 calls at $1.25
5/19/23 Snowflake (SNOW) seeing 1000 August $200 calls sell to open $10.60
5/19/23 Amazon (AMZN) large trade selling to open 3000 March 2024 $110 puts for $9.30 to buy the $150 calls for $4.84,
net credit of $4.46 so willing to be long at $110 support plus the credit.
5/18/23 Oil Services ETF (OIH) with 1700 October $240 puts bought for over $3M
5/18/23 DraftKings (DKNG) unusual 3950 June 2nd (W) $23.50 calls bought ITM today up to $1.10
5/18/23 Goldman Sachs (GS) large opening sale for 10,000 July $360 calls at $2.17
5/18/23 Texas Roadhouse (TXRH) small but unusual 395 Jan 125 calls bought 7.20 offers
5/18/23 Arcus Biosciences (RCUS) buyer 1000 June $20 calls $0.90+ as unusual call buys continue
5/18/23 Glaukos (GKOS) with 1600 June $60 calls opening as May $52.5 adjust
5/18/23 TG Therapeutics (TGTX) with sweep buyers 2000 June $35 OTM calls $1.15 to $1.20
5/18/23 Verona Pharma (VRNA) with 2000 September $17.50 puts sold to open $2
5/18/23 Sigma Lithium (SGML) with 1800 December $50 OTM calls bought for $3
5/18/23 Arista Networks (ANET) with 3000 June $150 calls bought for $1.45
5/18/23 Arista Networks (ANET) also buyer of 1500 July $150 calls for $3.10 sweep offers
5/18/23 Super Micro (SMCI) buyer of 1000 June $180 calls for $7.50 as the $150 calls adjust
5/18/23 CrowdStrike (CRWD) with 400 June 2024 $165 calls bought today in $20.40 to $20.85 range
5/18/23 Micron (MU) 4250 July $65 calls bought for $6.45
5/18/23 ON Semi (ON) with 800 September $90 puts sold to open $9.50
5/18/23 Advanced Micro (AMD) large opening sale 1000 September $105 puts for 9.15
5/18/23 Palantir (PLTR) seeing a ton of July call buys led by 9000 of the $14’s
5/18/23 Nasdaq 100 ETF (QQQ) seeing opening call sellers for next week May 26th $338 calls sold 6000x at $2.05 and also 9000x sold for $0.83