The 10 Worst S&P 500 Weeks of the Year: https://twitter.com/WayneWhaley1136/status/1698774223823528164

Topics covered:
1) 0:00 Announcements
2) 0:15 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000)
3) 7:00 FOCUS LIST: NVDA, MSFT, ORCL, ADBE, CELH, LLY, NOW, UBER
4) 10:55 Stock Review – Software: IGV (ETF), CRM, CDNS, SNPS, WDAY, APP, PANW, QLYS, INTU, TEAM
5) 13:10 Stock Review – Semiconductors: SMH (ETF), AMAT, AVGO, LRCX, KLAC, ACLS, ONTO
6) 14:55 Stock Review – Energy: XLE (ETF), XOP (ETF), OIH (ETF), WFRD, MPC, VLO, DINO, SLB, HAL, TDW
7) 17:15 Stock Review – Watch List/General Ideas/Commentary: CLS, EXTR, VRT, NVO, TSLA, COCO, MEDP
8) 19:35 Conclusion/Summary

Market Summary:
I like to keep my analysis simple. We had a strong uptrend from May through July, and now we are consolidating those gains during the seasonally weak months of August and September. Some members have asked me if I’m concerned with the recent market weakness. In this video, I discuss four responses to that question: 1) Be patient. The market doesn’t go up everyday. In my view, this is a normal consolidation. 2) The big institutions control the market and I’m not seeing any consistent heavy selling from them. The pullback in August was on lighter and lighter volume. Also, the recent pullback has occurred on below average volume. 3) It’s tough to get overly bearish when many mega cap stocks across several sectors are acting well. Examples include GOOGL, AMZN, CAT, BKNG, NFLX, LULU, META, and XOM. 4) Sentiment is still fairly negative.

From here, your plan should depend on your timeframe and overall investment objectives. If you are longer-term, hopefully you have strong entry points on your positions and you will just have to be ok with potential weakness over the next month or so. If you are shorter-term, there’s nothing wrong with using lighter positions until we get through this seasonally weak period. For me, I am currently 80-85% invested. If we see strength this week, I will look to reduce exposure. In this video, I present a chart showing how the second half of September tends to be weak. Again, have your own plan and constantly be working on fine-tuning YOUR OWN investment objectives. Overall, please be patient and keep any new buys light until we see more consistent strength. Thank you and enjoy the remainder of your weekend.

Unusual Option Activity:
9/8/23 Uber (UBER) with 4200 March $45 calls opening for $2.9M early as Sep. 40 calls start to roll
9/8/23 Pepsi (PEP) massive trade opens 10,000 Nov $190/$170 bullish risk reversals for $1.45 credits
9/8/23 Canadian Natural (CNQ) seeing 7200 Oct. $67.50 calls bought up to $1.30 from $1.20
9/8/23 JP Morgan (JPM) buyer 500 April $140 puts $7.80
9/8/23 Morgan Stanley (MS) opening sales of 5300 Oct $87.50 calls at $1.47
9/8/23 Eli Lilly (LLY) opening seller of 400 January $580 puts for $31.95
9/8/23 Eli Lilly (LLY) also with a block of 500 Jan 2025 $580 puts sell to open at $60.45 bids
9/8/23 Immunovant (IMVT) spread sold 1500 Oct 12.5/10 put spreads to buy 1500 Oct $22.50 calls
9/8/23 Novo Nordisk (NVO) opening sale 700 December $195 puts for $10.90
9/8/23 Pfizer (PFE) seeing 6500 June $25 puts sold to open for $0.69
9/8/23 Pfizer (PFE) also with 800 April $32.50 puts sell to open $1.66
9/8/23 Merck (MRK) with 250 Dec 2025 $120 puts sold to open for $17.10
9/8/23 Neurocrine Biosciences (NBIX) buyers of 400 Dec $110 calls at $6.20 offer
9/8/23 3M (MMM) seeing 1500 April $105/$85 bull put spreads sell to open at $5.30
9/8/23 Micron (MU) with 10,241 Nov $77.50/$57.50 bull risk reversals opening for $1.33 debit
9/8/23 Amazon (AMZN) buyer 2000 January $152.50 calls for $5.34
9/8/23 Apple (AAPL) seller to open of 2000 February $175 puts for 7.80
9/8/23 Apple (AAPL) also seeing 4000 September 2024 $180 puts sell to open 14.86 to 14.61
9/8/23 Oracle (ORCL) buyer of 600 Dec 2025 $155 calls buy at $16, adjusting June $130 calls up and out
9/8/23 Oracle (ORCL) also with 2700 Sept $124 calls bought $4.15 to $4.25, adjusting October calls
9/8/23 Okta (OKTA) with 300 Jan 2025 $75 puts sell to open at $9.90 bids
9/7/23 Nasdaq 100 ETF (QQQ) buyers active 4500 Oct. $384 calls for nearly $2M
9/7/23 S&P 500 ETF (SPY) with 40,000 November $422 puts bought adjusting $424 puts
9/7/23 Homebuilders ETF (XHB) large Jan $90 put position closing out and opens 8750 of the Jan $85 puts for $5.95
9/7/23 Phillip Morris (PM) opening sale 10,000 Dec. $100 calls for 1.15
9/7/23 Ford (F) opening seller 6000 Nov. 11 puts for 0.33
9/7/23 Expedia (EXPE) seller to open 250 March 95 puts 6.10
9/7/23 Uber (UBER) with buyers of 3000 Sep. 22nd (W) $45 calls
9/7/23 Marathon Petroleum (MPC) buyer 500 June $160 calls at $12 offer
9/7/23 Diamondback Energy (FANG) with 1900 Oct $150 puts selling to open at $2.75
9/7/23 Morgan Stanley (MS) with 750 Sept 2024 $90 calls sell to open at $6.55 to buy the $85 puts for $8.30
9/7/23 Pfizer (PFE) with 800 Sept 2024 $35 puts sell to open for $3.40
9/7/23 Eli Lilly (LLY) opening seller 300 November $540 puts 12.90
9/7/23 AstraZeneca (AZN) seeing 9000 Sept 29th $66 puts sold to open at $0.66, adjusts Sept 15th puts
9/7/23 Apple (AAPL) over 22,000 October $150 puts selling to open at $0.68
9/7/23 Apple (AAPL) with a massive opening sale for 10,000 Sept 2024 $175 puts at $13.95
9/7/23 Apple (AAPL) also sale to open 1500 Dec. 2024 $140 puts for $6
9/7/23 Nvidia (NVDA) buyer 1000 February $450 calls $66.60
9/7/23 Atlassian (TEAM) opening seller 475 December $180 puts $9.40
9/7/23 Oracle (ORCL) buyer 850 Nov. 125 calls for 6.85
9/7/23 Taiwan Semi (TSM) sale to open 1500 March $75 puts 2.32
9/7/23 Veeva Systems (VEEV) opening seller 1000 March $270 calls for $6.40
9/7/23 Zscaler (ZS) seeing buyers of 2000 Oct $180 calls for $2.85