Topics covered:
1) 0:00 Announcements
2) 0:50 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000)
3) 10:40 FOCUS LIST: NVDA, ISRG, META, TSM, ONON, TSLA, PLTR, AVGO, RKLB
4) 14:15 Stock Review – Software: IGV (ETF), NOW, CRM, APP, FTNT, CYBR, RBRK, DOCS, TWLO, NET, PSTG
5) 17:35 Stock Review – Semiconductors: SMH (ETF), SMTC, MRVL, ALAB, ANET, CRDO
6) 18:25 Stock Review – Biotech and Medical Products: XBI (ETF) TARS, NAMS, SWTX, ENSC, LSTA, VYNE, NTRA, WGS
7) 20:30 Stock Review – Others/General Ideas/Commentary: GOOGL, AMZN, VRT, VST, CEG, NRG, BE, OKLO, NNE, GEV, WIX, CLS, XMTR, FOUR, LUNR, RDW, HWM, NFLX, GEO, YPF, SPOT, BROS, SHAK, DECK
8) 25:20 Conclusion/Summary

Market Summary:
The 2025 Preview Video is now posted on the site. The main theme is KEEP YOUR EXPECTATIONS REALISTIC for 2025!
As I’ve discussed in recent videos: There are tons of growth stocks acting well. Stocks with strong fundamentals and strong technicals, BUT the weight of the market is a concern. Why is it a concern? Because 4 out of 5 stocks move in the general direction of the market. Why is there weight on the market? I have no idea. No one does. My guess is over the past few weeks, the market has been adjusting for a Fed that is approaching the end of their current rate cutting cycle. Again, who cares, just focus on what the market is doing. Current Market Positives: Many of the growth leaders are still in strong uptrends and above their key moving averages. I review many of them in this video. Current Negatives: The overall market breadth is weak, as all the major indexes are below their respective 50-day moving averages.

What’s the conclusion from all this? I’m staying defensive. For me, defensive means reducing exposure and using light positions for any new trades. As I’ve said a million times, do what works for you. I have client capital to protect after a strong run, and I’m doing my best to minimize the downside volatility. What you should do depends on your OWN situation. I discussed this in detail in last weekend’s video under the “varying investment levels” section. I am currently about 35% invested and I don’t see any SUSTAINED uptrend over the near-term. Of course, we can bounce here and there, but I’m waiting for healthier conditions. Again, please don’t confuse defensive with bearish. Another power trend is coming, just practice some patience and discipline until it develops. Thank you and enjoy the rest of your weekend.

Unusual Option Activity:
1/10/25 Nasdaq 100 ETF (QQQ) dip buyer of 3000 Jan 31st $514/$524 call spreads at $4.18
1/10/25 Software ETF (IGV) sees 2200 Jan 31st $96 puts bought at $1.76 as Jan $100 puts adjust
1/10/25 Homebuilders ETF (XHB) buyer of 1400 Feb $101/$96 put spreads for $1.36
1/10/25 Bitcoin ETF (IBIT) seeing 13,500 more of the March $54/$45 put spreads bought at $3.75
1/10/25 Bitcoin ETF (IBIT) massive buyer for 7700 Jan 2026 $41 deep ITM calls at $20.75 to $21
1/10/25 Target (TGT) 2500 March $150/$175 call spreads bought $4.42, adjusted some Jan $125 calls
1/10/25 Roblox (RBLX) opening sale of 1600 March $62.50 calls at $5.20
1/10/25 Dutch Bros (BROS) buyers of 1000 April $55 calls at $7.90 offers
1/10/25 Philip Morris (PM) sees 1600 Feb $115 puts sell to open at $2.40 to buy the $125 calls at $1.70
1/10/25 Trade Desk (TTD) buyer 1500 Jan. 31st (W) $120 calls $3.60 to $3.80
1/10/25 Sirius XM (SIRI) opening sales of 2000 Feb $22 puts for $2.05 bids
1/10/25 Trump Media (DJT) buyer of 1000 Dec $35/$60 call spreads for $5.55
1/10/25 Uber (UBER) sees 1300 Dec 2026 $85 calls sell to open for $10.70
1/10/25 YPF ADR (YPF) with 1000 July $48 puts sell to open at $7.70, continued theme of put sellers
1/10/25 Affirm (AFRM) 1500 June $50 puts bought for $1.2M
1/10/25 Citigroup (C) sweep buy 10,000 April $80 calls 1.25 to 1.28 ahead of earnings next week
1/10/25 Morgan Stanley (MS) sees opening sellers of 3000 Feb $135 calls at $1.15
1/10/25 Viking Therapeutics (VKTX) 1000 May $35 puts sell to open for $5.15
1/10/25 FTAI Aviation (FTAI) sees 1900 March $185 calls buying at $14.60 to $15.40, adjusting Feb $150 calls
1/10/25 FTAI Aviation (FTAI) also 1000 Feb $180/195 call spreads bought as 160/175 adjust higher
1/10/25 Chart Industries (GTLS) sees 500 Feb $190/$175 bull risk reversals for $9.24
1/10/25 Apple (AAPL) buyer 2500 Jan 31st (W) $245 calls for $3.90
1/10/25 Teradyne (TER) 4750 Feb $110 puts sell to open 1.20 to 1.15
1/10/25 Western Digital (WDC) buyers active Feb $67.5 calls 2980X
1/10/25 Taiwan Semi (TSM) sees 1000 Jan 2026 $180 puts sell to open for $16.45
1/10/25 Nvidia (NVDA) sees a large opening seller of 4000 Dec 2026 $130 puts at $27.74
1/10/25 Nvidia (NVDA) 8000 Dec 2025 $165 calls being sold to open for $15M premium
1/10/25 Crowdstrike (CRWD) sees 1950 Feb 14th $295 puts sell to open at $2.79
1/10/25 Oracle (ORCL) sees 10,000 March $135 puts sell to open at $2.56
1/10/25 Palo Alto (PANW) 350 Jan 2027 $135 puts sell to open at $13.40
1/10/25 Constellation Energy (CEG) large buyer of 420 March $300/$330 call spreads as the $250/280 spreads adjust
1/10/25 Constellation Energy (CEG) sees 500 June $260 puts sell to open for $16.90
1/10/25 Vistra (VST) buyers for 4000 Feb $200 calls at $3 to $3.45
1/8/25 Bitcoin ETF (IBIT) 3500 Jan 31st (W) $55 puts bought 3.53 to 3.64
1/8/25 Bitcoin ETF (IBIT) buyers of 5000 March $54/$45 put spreads for $3.62
1/8/25 Oil & Gas ETF (XOP) buyer of 6000 March $123 puts at $1.92 as the $114 puts adjust
1/8/25 Ark Genomics ETF (ARKG) large buyer of 11,000 Jan 2026 $40 ITM puts at $15.80, adjusting Jan $36 puts
1/8/25 Technology ETF (XLK) large buy of 4725 June $215 puts at $6.80 offer
1/8/25 On Holding (ONON) buyers of 1000 July $52.50 calls at $8.67 to $8.45 as Jan $47.50 calls adjust
1/8/25 Tesla (TSLA) seeing another 5000 Feb 7th (W) $400 puts bought for $17M
1/8/25 Target (TGT) buyer 3000 March 145/155 call spreads for $3.05
1/8/25 Hims and Hers Health (HIMS) block of 7000 March $27 puts bought $4.45
1/8/25 Lululemon (LULU) opening sale 300 Feb $380 puts 13.50
1/8/25 Floor and Decor (FND) 10,000 Feb $80 short puts open 1.15 as Jan. 90 adjust
1/8/25 Chipotle (CMG) March $51 puts selling to open 2200X
1/8/25 Uber (UBER) block of 3000 Sept $42.50 puts sell to open at $0.93
1/8/25 Exxon (XOM) large buyer of 4375 Feb $105 calls at $4.80 as Jan $115 calls adjust
1/8/25 Chubb (CB) aggressive buyer 1000 Jan $265 puts 3.20 with potential exposure to CA wildfires
1/8/25 Robinhood Markets (HOOD) 3000 Feb 46 calls sold to open 2.11 to 2.08
1/8/25 Novo Nordisk (NVO) sees 1090 Sept $115/$125 call spreads bought at $1.05
1/8/25 Eli Lilly (LLY) sees 800 April $800 puts sell for $57 to $58 as the Jan $820 short puts adjust
1/8/25 TransMedics (TMDX) buyers of 2000 Feb $65 puts at $3.20 to $4.20
1/8/25 Ultragenyx Pharma (RARE) buyer 1500 July $60 calls for 3.65
1/8/25 GE Vernova (GEV) 2375 Jan $340 puts sold to open 3.38
1/8/25 Fluor (FLR) buyer 500 Feb 47.50 calls 3.80 offer
1/8/25 Taiwan Semi (TSM) sees 4500 Jan 31st (W) $235/$250 call spreads buying
1/8/25 Nvidia (NVDA) 8000 Jan 24th $141 calls bought at $5.30, also over 8000 each $143 and $144 calls in large lots
1/8/25 Nvidia (NVDA) 900 Oct $120 puts sold to open for $1.1M premium
1/8/25 Palantir (PLTR) seeing 2200 April $62.5 high Delta calls buy for $2.7M
1/8/25 Palantir (PLTR) large opening sale 1000 June 2026 $60 puts $13.20
1/8/25 Adobe (ADBE) opening sale 300 Jan 2027 $380 puts $43.75 to $42.50
1/8/25 Constellation Energy (CEG) with 3500 March 185 puts selling to open 3.50 to 3.40