Topics covered:
1) 0:00 Announcements
2) 0:40 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000)
3) 7:25 FOCUS LIST: NVDA, DELL, MSFT, WING, VRT, LLY, NVO, CRWD, ISRG
4) 11:30 Stock Review – Software and Semiconductors: IGV (ETF), APP, NOW, SMH (ETF), TSM, AVGO, MU, KLAC
5) 13:15 Stock Review – Biotech/Medical Products: XBI (ETF), NBIX, CYTK, VKTX, CRNX, MRUS, NTRA, TMDX, RXST, PRCT
6) 17:20 Stock Review – Watch List/General Ideas/Commentary: AVAV, LDOS, HWM, VST, CEG, NRG, WWD, CAMT, CLS, NTAP, PSTG, PDD, CELH
7) 20:25 Conclusion/Summary

Market Summary:
We’re in a power trend, let’s not complicate or overthink things. As I mention in the Seminar Videos, my general philosophy is the market is healthy 2 to 3 times per year. Let’s do our best to identify when it’s healthy and take advantage of it. A few weeks ago, we had a breadth thrust, regained the 50-day moving average, and many growth stocks were acting well. The market started to look healthy again and I increased my exposure at that time. As a reminder, here are some of my guidelines during a power trend: 1) Use the 21-day EMA as your guide. This is for both the major indexes and for individual stocks. 2) Focus on the absolute best growth stocks. If you’re new to trading, there’s nothing wrong with using a blend of ETFs and stocks. 3) Get strong entry points. Again, use the 21-day and please DO NOT CHASE extended stocks! 4) Manage your trades as best as possible based on your timeframe and overall investment objectives. 5) Please remember, just because it’s a bull market, you still have to manage risk. In other words, not every stock is going to work out, so please have some form of a loss cutting discipline (dollar stop, percentage stop, or technical stop).

From here, there are two seasonal trends over the short-term. Sometimes, the market drifts higher into a long weekend, however, we also tend to see profit taking towards the end of the month. Either way, I’m not expecting any significant downside into month-end. As I mention in this video, there was a huge put write in the Nasdaq 100 ETF (QQQ) at the 450 level. That should act as support into May 31st. Also, a quick reminder that the US markets are closed on Monday, May 27th for the Memorial Day holiday. This weekend’s video will be posted by Sunday, May 26th at 6PM EST. Thank you and good luck for the rest of the week.

Unusual Option Activity:
5/22/24 S&P 500 ETF (SPY) buyer 1660 June 28th (W) $531 calls for $1.3M
5/22/24 S&P 500 ETF (SPY) also 1000 June 2026 $590 puts sold to open $6.3M
5/22/24 Biotech ETF (IBB) with 35,000 August $125 puts buy at $0.78, adjusting June puts as likely hedge
5/22/24 Biotech ETF (XBI) buyer 2000 June 7th (W) $90.50 calls $3.15 to $3.55
5/22/24 Semiconductors ETF (SMH) 5000 Jan $310 calls sold to open $5
5/22/24 Target (TGT) buyer 500 Dec $165 calls $5.15 offer
5/22/24 Target (TGT) 500 Dec $135 puts sell to open $7.50
5/22/24 Target (TGT) 600 Jan 2026 $120 puts sold to open $9.15
5/22/24 Best Buy (BBY) opening seller of 1400 Dec $75 calls at $5.40 to $5.30
5/22/24 Uber (UBER) buyer of 1000 Dec 2025 $50 ITM calls at $24, over $2.5M
5/22/24 Spotify (SPOT) 200 Jan 2026 $250 puts sold to open for 31.25
5/22/24 AppLovin (APP) spread sells 500 Sept 70 puts to buy the 80/90 call spreads
5/22/24 Halliburton (HAL) large opening seller of 12,760 June $34.50 puts at $0.30 bids
5/22/24 Schlumberger (SLB) buyer 2250 August $47.50 calls 2.19
5/22/24 Valero (VLO) with 4350 Sept $180 calls being bought $3.95+
5/22/24 ConocoPhillips (COP) opening sale of 400 June 2026 $125 calls at $16
5/22/24 Citigroup (C) 3000 Oct $65 puts sell to open 3.80 to 3.75
5/22/24 Citigroup (C) large opening seller of 3000 Jan 2026 $65 puts at $7.50
5/22/24 Citigroup (C) size opening sale 3100 Dec 2026 $65 puts $8.80
5/22/24 Morgan Stanley (MS) with 1000 Jan 2026 $95 puts sell to open at $8.82
5/22/24 Axsome Therapeutics (AXSM) buyer 2500 June $82.5/$90 call spreads for $1.30
5/22/24 Novo Nordisk (NVO) opening seller of 850 Dec $140 calls at $10.90 bids
5/22/24 Taiwan Semi (TSM) with 2500 August $170 calls buying $5.73 to $5.95
5/22/24 Apple (AAPL) 16500 Oct $220 calls buying as some of the 50,000 Aug $195 calls bought 3/15 adjust
5/22/24 Microsoft (MSFT) 9,000 Oct $490 calls bought for $6M adjusting the Aug $480 calls from 3/15 that adjusted July $460 calls
5/22/24 Texas Instruments (TXN) buyer 1000 January $240 calls for $5.25 offer
5/22/24 Texas Instruments (TXN) 1010 July 200 puts sell to open 4.40
5/22/24 Snowflake (SNOW) large opening sale 400 June 2025 $155 puts $23.30
5/22/24 CrowdStrike (CRWD) seeing 425 August $300 puts sold $9.50 bids, reports 6-4
5/22/24 Broadcom (AVGO) opening sale 1000 July $1200 puts for $13.60
5/21/24 Nasdaq 100 ETF (QQQ) size buyers for 10,000 next weeks May 31st $458 calls at $2.85 offers
5/21/24 Nasdaq 100 ETF (QQQ) also a block of 8000 next weeks May 31st $450 puts sell to open at $2.45, seeing a floor at 450 into month end
5/21/24 S&P 500 Index (SPX) today with 1500 May 2025 $5000/$5800 call spreads bought
5/21/24 S&P 500 ETF (SPY) today with 2000 Dec 2026 $585 puts selling to open deep ITM for $13M
5/21/24 Silver ETF (SLV) opening sale 1000 Jan 2026 $28 puts for $3
5/21/24 Silver ETF (SLV) also 2550 Nov $29 puts sell to open 2.19
5/21/24 Biotech ETF (IBB) 1450 December $120 puts sell to open 2.25
5/21/24 Semiconductor ETF (SMH) buyer 17,400 June $245 calls $4.15
5/21/24 Primo Water (PRMW) unusual large buy of 10,700 December $17.50 deep ITM calls at $4.95
5/21/24 PDD Holdings ADR (PDD) opening seller of over 10,000 June 28th $138 puts at $5.25 down to $5.00
5/21/24 PDD Holdings ADR (PDD) with over 20,000 August $140 puts selling to open $8.40
5/21/24 Uber (UBER) 1600 January $72.5 puts sell to open $11.35
5/21/24 Netflix (NFLX) sees a buyer of 275 July $670 calls at $26.75
5/21/24 Baker Hughes (BKR) with 700 October $30 calls buying ITM $4.25 to $4.50
5/21/24 Valero (VLO) with buyers of 1100 August $170 calls at $6.10 to $6.40
5/21/24 Occidental (OXY) with 400 November 62.5 calls bought 5.45
5/21/24 Morgan Stanley (MS) 450 September $105 puts sell to open $6.55
5/21/24 Viking Therapeutics (VKTX) 5000 July $100 calls bought 2.70 to 3 as 2000 $85 calls adjust
5/21/24 IDEXX Labs (IDXX) opening sale 500 June $500 puts $4.10 to $3.95
5/21/24 Novo Nordisk (NVO) opening seller of 1300 Dec $130 puts at $8.05
5/21/24 Apple (AAPL) with 5500 Nov $195 calls bought for $7M as July $185 adjust out and up
5/21/24 Palo Alto (PANW) opening seller of 1000 June 28th $280 puts at $2.30
5/21/24 Taiwan Semi (TSM) 3700 June 28th (W) $140 puts sell to open 1.63
5/21/24 Taiwan Semi (TSM) with 5000 August $155 calls bought for $5.2M as July $145 calls adjust out and up
5/21/24 Marvell Tech (MRVL) 2166 January 2026 $60 puts sell to open 7.75
5/21/24 Nvidia (NVDA) seeing 1000 July $950 puts sell to open $70.30
5/21/24 Nvidia (NVDA) seller 200 Dec $795 puts to open $53.80
5/21/24 Nvidia (NVDA) buyer of 150 August $995 calls for $72.60, over $1.1M
5/21/24 Okta (OKTA) buyer 700 July $110 calls $5.15 into earnings next week
5/21/24 Camtek (CAMT) 3000 August $85 short puts opening as $75 strike adjusts
5/21/24 Texas Instruments (TXN) trade opens 1050 October $220/$180 bull risk reversals for $4.30
5/20/24 Silver ETF (SLV) with 9900 Sept $29 puts sell to open $1.96 bids, continued theme in silver
5/20/24 Emerging Markets ETF (EEM) with 45,000 July $44.50 calls buy at $0.60
5/20/24 China Internet ETF (KWEB) buyer 1500 January 2026 $36 calls $5
5/20/24 Commodities ETF (DBC) buyer of 2500 October $25 calls at $0.75
5/20/24 Walmart (WMT) large buyers of 10,000 Jan 2026 $90 calls at $1.15 to $1.20, over $1.2M
5/20/24 Costco (COST) 300 March $730 puts sold to open $28.30
5/20/24 PDD Holdings ADR (PDD) seeing 5500 July $140 puts sell to open at $7.50
5/20/24 JD.com (JD) 7500 June $32 calls sell to open 3.50 to 3.40
5/20/24 Royal Caribbean (RCL) sees 1000 Oct $155 calls buy at $12.00 as the $150 calls adjust up
5/20/24 Disney (DIS) large bull trade sells 1000 March $110 puts to open 11.50
5/20/24 AppLovin (APP) seeing 650 Nov $110 OTM calls buy $5.50 to $5.60
5/20/24 Uber (UBER) 2000 June 2025 $45 puts sell to open 2.18
5/20/24 First Solar (FSLR) 725 September $220 calls sold to open 11.65
5/20/24 Exxon (XOM) buyer 1700 August $130 calls $1.21 offer
5/20/24 ConocoPhillips (COP) 1500 June $ 122 puts sell to open 2.82 ITM
5/20/24 ConocoPhillips (COP) buyer 700 March $130 calls $8.20
5/20/24 Coinbase (COIN) opening seller of 425 September $145 puts at 7.70
5/20/24 Citigroup (C) sees 850 Dec 2026 $90 calls buy at $3.65, nearly max strike max expiration
5/20/24 Novocure (NVCR) buyer 1000 January $15 calls $9.20 to $9.30
5/20/24 Macrogenics (MGNX) 1640 Dec 2025 $5 puts sell to open $2.30
5/20/24 BridgeBio (BBIO) spread buys 2000 July $30 calls $5.05 and sells August $40 calls $2.75 and August $22.50 puts $1.80
5/20/24 Eli Lilly (LLY) buyer 500 Jan 2026 $920/$510 strangles for $114.34, leans strong bullish
5/20/24 Howmet Aerospace (HWM) buyer 500 June $87.5 calls $1.55 offer
5/20/24 Qualcomm (QCOM) sees buyers of 1200 August $210 calls at $7.08
5/20/24 Qualcomm (QCOM) 500 June 2025 $195 puts selling to open $21.05
5/20/24 Google (GOOG) 1200 July $180 puts sold to open $6
5/20/24 Google (GOOG) 1650 of the July $175 puts selling to open $4.20 to $4.05
5/20/24 Google (GOOG) 1000 January $180 puts sell to open 13.25
5/20/24 Snowflake (SNOW) 500 August $140 puts sell to open $4.80
5/20/24 Advanced Micro (AMD) size opening sale 1500 August 2025 $160 puts $24.95
5/20/24 Nvidia (NVDA) seeing 500 August $945 puts sell to open at $76.35 as May 31st $840 short puts adjust
5/20/24 Nvidia (NVDA) adjustment sells 1375 June 2025 $750 puts to open $70.23
5/20/24 Nvidia (NVDA) also seeing 2000 Dec. $1100/$1200 call spreads bought