Topics covered:
1) 0:00 Announcements
2) 0:15 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000)
3) 12:30 Stock Review – Software: IGV (ETF), MSFT, ADBE, NOW, SNPS, CDNS, VERX, PANW, CRWD, QLYS, AYX
4) 16:25 Stock Review – Watch List/General Ideas/Commentary: NVDA, LLY, NVO, RRC, TDW, CLS, ANET, ACMR, UBER, WING, DECK, TW, META, LULU
5) 23:20 Conclusion/Summary

Market Summary:
When the market is in a corrective mode and there aren’t too many stocks to talk about, I like to focus on education and review some of the concepts from the Seminar Videos. One of the concepts I’ve discussed recently is remembering to look at where the major indexes are relative to their 50-day and 200-day moving averages. This is important because these are areas of institutional support. Let’s not forget that the big institutions control the market and we have to do our best to interpret what they are doing. When they are supporting the market, I want to ride the trend, and when they are selling/distributing stock, I want to be defensive. Right now, all the major indexes are below their 50 and 200-days, and I continue to reiterate: STAY DEFENSIVE.

By defensive, I mean raising cash, getting off margin, minimizing trading, sticking to a loss cutting policy, and showing some overall discipline. In this video, I discuss how there is no right or wrong answer that suits everyone the same. This is where I encourage you to constantly work on your plan, know your timeframe, know your risk tolerance, and focus on your overall investment objectives. Also, don’t get discouraged. The market is going through a correction. Eventually, the selling will stop and we will have another strong uptrend. We just have to be patient until market conditions improve. In the meantime, I will continue to look for signs of this improvement and curate a list of relative strength stocks for the next uptrend. Thank you and enjoy the remainder of your weekend.

Unusual Option Activity:
10/27/23 Oil ETF (USO) with 7200 Nov 24th $82/$90 call spreads bought at $1.06
10/27/23 Biotech ETF (XBI) seeing 10,000 June 80 calls buy to open $2.25
10/27/23 Regional Banks ETF (KRE) with 3000 Jan 2026 $35 puts sell to open at $4.30
10/27/23 Target (TGT) seller 1000 January 2025 $85 puts for $6.60
10/27/23 ConocoPhillips (COP) buyer of 1400 Dec $115 calls at $6.55, adjusts Jan $125 calls
10/27/23 MasterCard (MA) buyers of 1650 December $380 calls up to $5.75
10/27/23 J&J (JNJ) with 1500 March $160/$180 call spreads bought in early action
10/27/23 Meta (META) large buy 300 April $250 calls for $64.35
10/27/23 Amazon (AMZN) massive buy 150,000 Feb $115 calls for $21 as those Nov 120 adjust
10/27/23 Microsoft (MSFT) buyer 600 April $300 ITM calls up to $52.45
10/26/23 S&P 500 ETF (SPY) Nov $417 calls active with 10,000 bought in larger blocks as a rebound play
10/26/23 Nasdaq 100 ETF (QQQ) large opening seller 4000 Sept 2024 $300 puts for 12.97
10/26/23 Nasdaq 100 ETF (QQQ) also 4000 Dec 2025 $280 puts sold to open $16.44
10/26/23 Tesla (TSLA) large trade opens 10,000 May $220/$170 bull risk reversals for $16.20
10/26/23 DraftKings (DKNG) opening sale for 17,500 Nov $22.50 puts at $0.60, adjusts $25 short puts
10/26/23 Las Vegas Sands (LVS) 1000 June $43 puts sell to open at $3.29
10/26/23 EOG Resources (EOG) opening seller 500 April $110 puts for $4.70
10/26/23 Meta (META) 2350 Dec $255 puts sell to open 4.61
10/26/23 Meta (META) also with 1750 February $290/$320 call spreads
10/26/23 Nvidia (NVDA) buyer early 1000 Nov. 10th (W) $427.50 calls $13.74 to $13.85
10/26/23 Amazon (AMZN) buyer 1450 Nov. 24th (W) $127/$135 call spreads into earnings