Topics covered:
1) 0:00 Announcements
2) 0:15 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000)
3) 14:00 FOCUS LIST: NFLX, SPOT, PLTR, UBER, GEV, EQT, TEM, RKLB, BROS
4) 19:00 Stock Review – Aerospace/Defense: SHLD (ETF), XAR (ETF), HWM, KTOS, DRS, GE, ASTS, LUNR, ACHR
5) 21:25 Stock Review – Software/Semis: RBRK, CRWD, FTNT, PANW, ZS, OKTA, NOW, SAP, CRWV, NBIS, AVGO, TSM, NVDA
6) 26:40 Stock Review – Others/General Ideas/Commentary: BSX, ISRG, mentioned bros ONON, TXRH, WING, SFM, NGVC, VST, CEG, VRT, NRG, DASH, BKNG, AXON, HOOD, CHWY, RBLX, MSTR, IBIT
7) 35:00 Conclusion/Summary

Market Summary:
As I mentioned in the MidWeek Video, it looks like we’re starting a new power trend (PT). A few points: 1) If some are thinking “thanks for telling us now,” I would like to remind you that the Follow Through Days (FTD) come first, and THEN the PT develops AFTERWARDS. In other words, it takes time and involves patience. 2) The market is never easy. I think part of the reason we have recovered so quickly is that the big institutions threw in the towel near the lows and have been very reluctant to get back in. 3) I identified the two FTDs in April and also the various breadth thrusts. In other words, it’s not like I’ve been sitting around bearish and in cash. I’ve been slowly putting money to work as the market conditions have been improving. 4) I’ve presented PLENTY of ideas that have worked over the past few weeks. 5) If I sound defensive, I am not at all. I’m simply trying to stress the point that the market is never easy, and we all have to do our best to navigate through it, especially when volatility and uncertainty arise.

From here, remember the main guidelines during power trends: 1) Use the 21-day as your guide. In other words, if we are extended from this level, don’t be surprised to see minor pullbacks through price or through time. For example, I discuss in this video how the Moody’s credit downgrade news that came out after the market close on Friday could be the excuse the market needs to pull back because we are currently extended. Also, this upcoming week is the week after OpEx, which tends to see some profit taking. 2) Expose yourself to strong stocks and ETFs. Between the Focus List and the other stocks, there are plenty of ideas in these videos. 3) Get strong entry points near the 21-day and 50-day moving averages. 4) Manage your trades as best as possible based on your timeframe, risk tolerance, and overall investment plan. I can give guidelines, but ultimately, you need to decide what position sizes to use, the number of positions to own, when to take profits, and where to set your stop losses. Thank you and good luck this week.

Unusual Options Activity:
5/16/25 Nasdaq 100 ETF (QQQ) sees 5900 June 13th $535 calls buy at $5.10 as the May $505 calls adjust
5/16/25 Semiconductors ETF (SMH) buyers of 1350 August $265 calls at $8.95 offer
5/16/25 Bitcoin ETF (IBIT) opening sale of 1000 July $66 ITM puts for $8.85
5/16/25 China ETF (FXI) buyer of 10k Dec $38 calls at $2.35 and sells 10K of the $30 puts at $0.99 in bull r/r
5/16/25 China ETF (FXI) also an opening seller of 1000 June 2026 $35 puts at $3.26
5/16/25 Tesla (TSLA) some buyers of 1100 June 13th $370 calls at $14 to $17
5/16/25 Take-Two Interactive (TTWO) opening sales 3000 June $210 puts
5/16/25 Take-Two Interactive (TTWO) also 1025 June $220 puts sell to open 3.50
5/16/25 On Holding (ONON) 750 Jan $52.5 puts sold to open $4.30 bids
5/16/25 On Holding (ONON) 2000 June 2026 $65 calls buy to open $1.86M as Jan calls adjust from 52.5
5/16/25 Axon Enterprise (AXON) Jan $790 calls bought 275X for $2.4M adjusts the $770 calls
5/16/25 Hims and Hers Health (HIMS) 2000 June 13th (W) $65 short puts ITM open $10.30 bids as bull flow continues in it
5/16/25 CAVA Group (CAVA) 5400 July $75 short puts open 1.26
5/16/25 DoorDash (DASH) 1100 August $150 puts sold to open $2.42
5/16/25 Wayfair (W) 3000 June $37.50 puts sold to open 2.07
5/16/25 Uber (UBER) buyer of 1000 August $92.50 calls at $7.80 as some of the June $100 calls adjust
5/16/25 Roblox (RBLX) large buyer of 4000 August $82.50 calls at $8.02 as the $72.50 calls adjust up
5/16/25 MasterCard (MA) 1020 August $600 calls bought for $1.8M as June $585 adjust
5/16/25 Coinbase (COIN) 1000 June 13th (W) $300 calls bought $6.30 to $7.90
5/16/25 Biogen (BIIB) buyer of 5500 June $130 calls at $2.95 up to $3.10, has an Analyst day June 11th
5/16/25 GE Vernova (GEV) 1740 June 27th (W) $360 puts sold to open $5.25
5/16/25 GE Aerospace (GE) large block of 3000 August $250 calls bought at $6.79
5/16/25 Google (GOOG) with 2000 Dec $215 calls bought $4.10 offer
5/16/25 Google (GOOG)also June $175/$185 call spreads bought 10K
5/16/25 Arm Holdings (ARM) seeing yet another buy of 2000 June 2027 $130 calls today at $50.25
5/16/25 Meta (META) buyers of 1000 June 6th $640 calls at $18 to $19
5/16/25 Lam Research (LRCX) massive opening sales for 4000 Dec 2026 $70 puts at $8.50
5/16/25 CoreWeave (CRWV) buyers of 700 August $85 calls at $12.50 to $15.80
5/16/25 Celestica (CLS) buyer of 1000 August $115 calls at $14 as the June $100 calls adjust
5/16/25 AST SpaceMobile (ASTS) buyer 1500 July $33 calls $2.40
5/15/25 Nasdaq 100 ETF (QQQ) 5000 Sept $380 puts sold to open 2.33
5/15/25 Bitcoin ETF (IBIT) buyer 3075 June 2026 $105 max strike calls for $4.60 to $4.65
5/15/25 Gold ETF (GLD) June $305/$325 call spreads buying 20,000X
5/15/25 China ETF (FXI) 50,000 August $34 puts sold to open 1.20 to 1.14
5/15/25 China Internet ETF (KWEB) spread sold 15,000 Sept $30 puts and bought 30,000 of the $34/$42 call spreads
5/15/25 Roblox (RBLX) buyer 1000 January $100 calls $6.20 offer
5/15/25 On Holding (ONON) with July $50 puts sold to open 2970X
5/15/25 XPeng (XPEV) buying 2000 each in Oct $21, $22 and $23 calls
5/15/25 Sphere Entertainment (SPHR) 2800 deep ITM August $20 calls bought 17.75 as May adjust
5/15/25 Chewy (CHWY) buyer of 6000 July $42.50 calls $3.11 as June $37.50 calls adjust
5/15/25 Netflix (NFLX) seeing $4M in July $1200 calls bought 660X
5/15/25 EQT (EQT) buyer 500 Jan 2027 $65 calls at $8.53 as some May $55 calls adjust
5/15/25 Robinhood Markets (HOOD) buyer of 1900 June 27th $70 calls at $2
5/15/25 Coinbase (COIN) $7.5M buy of 1075 August $190 calls with May 180 adjusting
5/15/25 Citigroup (C) buyer of 10,000 Sept $82.50 calls 2.24 to 2.30
5/15/25 Eli Lilly (LLY) 825 June 2027 $830 calls bought
5/15/25 Eli Lilly (LLY) massive buyer of 4500 August $900/$1100 call spreads at $11.48
5/15/25 Halozyme (HALO) 500 Dec $45 puts sell to open $4.50
5/15/25 Regeneron (REGN) 100 Dec $480 puts sell for $28 to buy 100 Dec $600/$680 call spreads at $29
5/15/25 Rocket Lab (RKLB) buyer 1000 June 13th (W) $23 calls $2.35 as May 30th (W) adjust
5/15/25 GE Aerospace (GE) buyers of 1000 August $250 calls at $6.40 to $6.48
5/15/25 GE Aerospace (GE) buyers of 875 Dec $280 calls at $6.60 offers
5/15/25 Nvidia (NVDA) $10M buy of 2565 June 2027 $135 calls
5/15/25 Nvidia (NVDA) 8000 Oct $130 puts sold $12.30 and lower
5/15/25 Nvidia (NVDA) massive opening seller in Nov $140 puts 9000X for $17M
5/15/25 Nvidia (NVDA) buyer in March $135/$165 call spreads 10,000X
5/15/25 Salesforce (CRM) a new $10M June 2027 call buy with 1487 of the $290 calls bought
5/15/25 CrowdStrike (CRWD) opening sale of 450 July $420 puts at $26.75
5/15/25 Meta (META) buyer of 500 March $590 calls $132.5 to $133
5/15/25 CyberArk Software (CYBR) seeing aggressive buys 1000 OTM July $420 calls
5/15/25 Nebius Group (NBIS) buyer 700 Nov $36 calls $8.65
5/15/25Klaviyo (KVYO) 2350 November 22.50 puts selling to open $0.95
5/15/25 Microsoft (MSFT) roll of 15,000 May 30th (W) $445 calls to $455 strike
5/15/25 Palantir (PLTR) 1500 Jan $105 puts sold $13.96 in single lot

Dutch Bros (BROS) Earnings Call on new openings, transaction initiatives and innovation efforts…“With a long runway ahead and conviction in our brand, we aim to open the next 1,000 new shops with the goal of 2,029 total shops in 2029. We see a long term opportunity to drive sustainable transaction growth by addressing structural barriers, bringing in new customers, enhancing frequency with existing customers, and sustaining ongoing momentum in the productivity of our newer shops. Q1 results provide further evidence that we are well-positioned on the journey to capture the growth opportunity that lies ahead of us. Our foundational transaction driving initiatives continue to propel us forward. We have a coordinated plan and we are executing with tenacity across each of these initiatives. We are still in the early innings of these efforts with significant runway ahead of us. We are seeing the benefits of Order Ahead while successfully balancing transaction growth and ensuring customer satisfaction. These changes that seamlessly in our current model without negatively impacting operational flow. Our efforts are yielding not only revenue growth but also strong adjusted EBITDA growth, which grew 20% as compared to the same quarter last year. Our goal of 2,029 shops in 2029 positions Dutch Bros for multiple years of mid-teens annual percentage new shop growth. This goal is supported by those investments in real estate processes and systems, robust new shop economics and the expansion of our total addressable market to 7,000 shops. Last year we outlined a transaction driving strategy focused on three foundational initiatives to jumpstart transaction growth: enhanced focus on category wide innovation; increased paid advertising to build and grow brand awareness; and growth in the Dutch Rewards program as the primary avenue for targeted customer marketing. These efforts are working. We are continuing to see success as we execute on each of these elements. For the quarter, we saw system same shop transaction growth of 1.3%, which is particularly impressive given we are also lapping two enormously successful LTOs and Boba and Protein Coffee from the prior year. We are still in the early innings and have considerable runway in our foundational transaction driving initiatives. In March, we delighted our customers with a fun rubber duck, adding a playful touch to their visit. Exciting merch drops like this are another way we make each visit memorable. Our ongoing innovation efforts are contributors to these outstanding results, enabling us to lap last year’s strong performance from Boba and Protein Coffee. And finally, Dutch Rewards. In Q1, we attribute approximately 72% of system transactions to our loyalty program, representing a 5 point improvement versus the same period last year. Dutch Rewards allows us to reach our customers more effectively with a strong focus on a personalized experience.”