Topics covered:
1) 0:00 Announcements
2) 0:15 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000)
3) 9:00 FOCUS LIST: NVDA, MSFT, ORCL, WING, RVNC
4) 11:35 Stock Review – Semiconductors: SMH (ETF), AMD, AVGO, ASML, LRCX, KLAC, ACLS, MBLY
5) 14:15 Stock Review – Software: IGV (ETF), CRM, PANW, FTNT, NOW, DT, AI, DUOL, SNPS, ALTR, CDNS
6) 17:30 Stock Review – Biotech: XBI (ETF), AXSM, MDGL, VKTX, TERN, ETNB, RCUS, KRYS, BTAI, PRTA, APLS, VRNA, INZY, ABOS
7) 23:20 Stock Review – Watch List/General Ideas/Commentary: SWAV, INSP, ISRG, DXCM, PODD, LNTH, CELH, ANET, DECK, ONON, SGML, TXRH, IONQ, INOD, ITB (ETF), BZH
8) 28:20 Stocks near buyable ranges: SWAV, MDGL, WING
9) 30:05 Conclusion/Summary

Market Summary:
In this video, I review the price action from the beginning of the year and the recent breakout in the Nasdaq Composite. I believe this past week was a major statement from the market about artificial intelligence (AI). As I mentioned in the recent Market Note, many big moves in the market are fueled by new innovations that revolutionize our lives. AI is that next wave that could lead us higher into year-end (with normal corrections along the way). It wasn’t just the insane revenue guidance from Nvidia. There were other companies that commented on AI throughout the week, and the market began to reprice certain sectors for how AI will enhance productivity. I will discuss this more in a blog post which will be posted on this website by the end of the long weekend.

From here, I’m going to stick to my plan of staying focused on the larger cap names, and managing my positions as best as I can. Many names that I got stopped out of earlier in the year have come back with incredible strength. That is the market showing us its resilience, and also reminding us that using smaller positions and giving them a little more room can help with overall performance. As always, focus on those strong entry points and please DO NOT chase extended stocks. Use the 21-day as your guide and continue to lean positive until the institutions show consistent signs of selling. If you are doing well in the market, stay focused and stay humble. If you have been struggling, please keep your head up and be patient for the inevitable pullback, as I feel there will continue to be strong opportunities into year-end. Thank you and enjoy the remainder of your long weekend.

Unusual Option Activity:
5/26/23 Nasdaq 100 ETF (QQQ) size buyer 5000 August $353 calls for $11.40
5/26/23 Abercrombie (ANF) 1000 Jan $35 calls bought $3.30 to $3.70
5/26/23 Target (TGT) opening seller 500 Dec. 2025 $120 puts for 16.80
5/26/23 Occidental (OXY) opening sellers 2400 November $50 puts for 2.26
5/26/23 Eli Lilly (LLY) buyers looking to add to size in Sept $450 calls with 1500X bought $15.70 to $16.50
5/26/23 CrowdStrike (CRWD) buyer 1000 July $165/$200 call spreads into earnings as $135 adjust
5/26/23 CrowdStrike (CRWD) buyer 400 June 2024 $220 max strike calls 13.70
5/26/23 C3.AI (AI) with 2500 next week $32 calls active w/ buyers into earnings 5-31
5/26/23 C3.AI (AI) also with 1750 Oct. $45 calls bought $4.20 to $4.50
5/26/23 Meta (META) with 5500 June 2024 $210 short puts opening as June 2025 $230 short puts adjust
5/26/23 Meta (META) 1300 Jan. 2025 $420/$180 bull risk reversals opening
5/26/23 Meta (META) 5000 January $295 calls opening for $11M as $280 strike adjusts higher
5/26/23 Nvidia (NVDA) with 7000 June 2024 $330 short puts opening as June 2025 $360 adjust
5/26/23 Nvidia (NVDA) buyer 1000 January $370 puts to open $47.24
5/26/23 Taiwan Semi (TSM) with 4400 July $105 calls bought as June $110 adjust
5/26/23 Palo Alto (PANW) with 2000 September $210 calls opening as June $195 and $200 adjust
5/26/23 ON Semi (ON) with 1500 July 75 puts sold to open 1.80, also buyers of 1890 Sept $90 calls up to $7.40
5/26/23 Amazon (AMZN) buyers 2050 June $119 calls 2.79
5/26/23 Amazon (AMZN) also with 6500 June 2024 $110 puts sold $10.90 bids
5/26/23 Alibaba (BABA) buyers of 11,000 August $85 calls $4.75 with more adjustments rolling out from July
5/25/23 S&P 500 ETF (SPY) with 10,000 Dec. 2024 $370 puts sold to open for $20M
5/25/23 Semiconductor ETF (SMH) with 5000 June 9th $142.50 calls bought for $2.70
5/25/23 Crocs (CROX) spreads in June 9th (W) selling 1500 of the $95 puts and buying 1500 of the $106/$120 call spreads
5/25/23 Tesla (TSLA) with 12,500 Jan 2025 $155 puts selling to open $27.55 to $27.40, over $35M premium
5/25/23 Academy Sports (ASO) with another 2500 January $43 puts sold to open $4
5/25/23 Chipotle (CMG) buyer of 200 January $2190 calls for $166.70 to $168.30
5/25/23 Schrodinger (SDGR) buyer 1000 July $35 calls $3.20 to $3.30
5/25/23 Google (GOOG) with 8000 August $130 calls bought $5.15, also buys 4000x of the $145 calls at $1.37
5/25/23 Arista Networks (ANET) aggressive buy 1100 Sept $190 calls for $2.20 while 1500 June 150 calls closed out early
5/25/23 Arista Networks (ANET) also buyer 500 Dec $200 calls $4.38
5/25/23 Advanced Micro (AMD) buyers of 4500 October $155 calls $4.05 to $4.25, buyers of August $125 calls 1000X
5/25/23 Nvidia (NVDA) June 2024 $370 short puts opening 5000X at $61.50 as the $250 adjust the 5/22 large opening sale
5/25/23 Nvidia (NVDA) size buy 1300 September $490 calls $11.90
5/25/23 Nvidia (NVDA) also seeing a large buyer of 780 Dec 2025 $420 calls at $111.00, over $9M
5/25/23 Micron (MU) buyer of 450 December 2025 $100 calls at $8.25 offers
5/25/23 Broadcom (AVGO) buyer 800 August $730 calls $24.40 as some $700 calls adjust
5/25/23 Broadcom (AVGO) buyers of 400 Jan $900 calls for $17.25, looks to be adjusting the $730 calls higher
5/25/23 Salesforce (CRM) buyer 1460 June 222.50 calls $4.20 offer, reports next week
5/25/23 Salesforce (CRM) also 1400 Jan 2025 170 puts sold 8.70 bid
5/25/23 Microsoft (MSFT) buyers 1000 Dec. $365 calls $12 to $12.60
5/25/23 Snowflake (SNOW) seeing buyers of 450 November $155 calls at $20.50
5/25/23 Baidu (BIDU) opening seller of 600 January 2025 $115 puts for $21.25 down to $20.85
5/17/23 Ionq (IONQ seeing buyers out as far as 3400 Jan $20 calls
5/16/23 Ionq (IONQ) 5000 June 10 calls bought for 0.25, likely an AI play w/ quantum computer systems