Link to Bank of America Fund Survey: https://investinglive.com/stocks/there-are-some-major-red-flags-in-the-bank-of-america-fund-manager-survey-20251216/

Topics covered:
1) 0:00 Announcements
2) 0:35 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000
3) 10:40 FOCUS LIST: TSLA, LLY, XBI (ETF)
4) 11:50 Stock Review – Aerospace/Defense: RKLB, ASTS, PL, ATRO, WWD, HXL, GE, HWM, RTX, VSAT, SATS
5) 14:05 Stock Review – Software: PLTR, CRWD, TWLO, APP
6) 14:45 Stock Review – Semiconductors and Data Storage: SMH (ETF), NVDA, AVGO, TSM, TSEM, LRCX, KLAC, MU, AEIS, MTSI, TER, STX, WDC, SNDK
7) 18:15 Stock Review – Electronic Related: CLS, COHR, LITE, TTMI, SANM, FN, JBL, VICR
8) 19:40 Stock Review – Energy/Data Center related: VRT, GEV, NRG, PWR, ORA, ROK, ATI, WLDN, NVT, AAOI
9) 21:55 Stock Review – Biotech/Medical: XBI (ETF), IBB (ETF), RYTM, AVTX, NAMS, IMVT, CSTL, SION, INBX, UTHR, GRAL, GH, NTRA, WGS
10) 24:30 Stock Review – Others/General Ideas/Commentary: NEM, HOOD, SOFI, GOOGL, SPHR, REMX (ETF)
11) 25:40 Conclusion/Summary

Market Summary:
Coming into this week, the major indexes were holding their 50-day moving averages, there was minimal distribution, and (for the most part) many growth stocks were acting well. Unfortunately, the market has shown considerable weakness so far this week, and the negatives are starting to pile up. 1) We’ve seen more distribution days this week and the Nasdaq Composite is breaking below its 50-day. 2) The price action in growth stock ETFs such as ARKK and FFTY was starting to improve but are now showing more weakness. 3) The price action in many leaders are also showing more weakness. In this video, I review examples such as NVDA, VRT, TSM, AVGO, GEV, JBL, and the continued declines in ORCL and CRWV. 4) Sentiment is too strong as seen in the Bank of America Survey (see link above). 5) Too many people are fully invested assuming a Santa Claus rally will occur. It still might, but please keep in mind that the market doesn’t care what we want nor does it own us anything.

Conclusion: I decided to reduce exposure and will remain defensive until the overall price action improves. I went from approximately 90-100% invested down to 50-60% invested. I realize there are still positives such as the broader market holding up better than the Nasdaq, but I prefer to be defensive for now. Please keep in mind that defensive doesn’t mean bearish. It simply means reducing exposure and using lighter positions until things improve. As always, what you decide to do should depend on your timeframe, your risk tolerance, and your overall plan. Thank you and good luck for the remainder of the week.

Unusual Options Activity:
12/17/25 S&P 500 ETF (SPY) sweep buyers 1500 Jan 2027 $755 calls for $2.95M
12/17/25 SPX Index (^SPX) buyer of 7500 Sept 2026 $8100 calls here for $23.90
12/17/25 Nasdaq 100 ETF (QQQ) buyers of 5900 March $665 calls at $4.84 to $5.06
12/17/25 Semiconductors ETF (SMH) stock replacement sells to open 1250 Sept $350 puts at $38.35
12/17/25 China ETF (FXI) 11,000 Sept $38 short puts open 2.74
12/17/25 Silver ETF (SLV) buyer of 5000 Dec 31st $58 ITM calls at $2.98
12/17/25 Tesla (TSLA) 2000 May $430 puts sell for $43.35 as the $370 short puts adjust higher
12/17/25 Tesla (TSLA) buyer of 3000 June 2027 $940/$960 call spreads
12/17/25 Starbucks (SBUX) buyer 5000 Feb 100/110 call spreads
12/17/25 Chipotle (CMG) 4000 Sept $37.5 puts sold to open $5.11
12/17/25 Netflix (NFLX) 13,925 Jan 9th $105 puts sell to open $8.63 as Dec $102.50 short puts adjust
12/17/25 Visa (V) 550 June $360 calls sell to open $17.96 as the March $350 calls adjust
12/17/25 SoFi (SOFI) large opening seller of 8900 March $26 puts for $2.89
12/17/25 Robinhood (HOOD) 1500 March $120 puts sell $15.21
12/17/25 Blackrock (BLK) 100 Jan 2027 $990 puts sold to open $67.80
12/17/25 Arrowhead Pharma (ARWR) 2000 Jan 67.5/77.5 call spreads buy for $2.84
12/17/25 GE Vernova (GEV) 1160 Jan $570 short puts opening $4.01
12/17/25 GE Vernova (GEV) opening sale of 1300 Jan 30th $520 puts at $5.40 to $5.50
12/17/25 Rocket Lab (RKLB) buyer of 4300 Feb $65 calls at $5.30 to $5.45
12/17/25 Vertiv (VRT) 400 Jan 2028 $110 puts sell to open 22.20
12/17/25 Google (GOOGL) opening sale 1000 July $275 puts for 18.76
12/17/25 Google (GOOGL) large opening sellers of 10,000 Jan 30th $260 puts at $1.80
12/17/25 Google (GOOGL) also the Jan 23rd $260 puts sell 10K for $1.42
12/17/25 Palantir (PLTR) buyers of 2500 Jan 9th $180 calls at $11.95 offers
12/17/25 Nvidia (NVDA) 10,000 Jan 9th (W) $160 short puts open 1.88
12/17/25 Advanced Micro (AMD) opening seller of 700 Nov $200 puts at $36.30
12/17/25 Jabil (JBL) 750 Jan 2028 $120 puts sell to open $6.80 to $6
12/17/25 Vistra (VST) 4730 Feb $130 short puts open for 1.80
12/16/25 Nasdaq 100 ETF (QQQ) massive opening seller of 20,000 March $615 puts at $24.23, over $50M
12/16/25 S&P 500 ETF (SPY) 6000 June $730 calls bought $10.51 as $740 calls adjust
12/16/25 S&P Index ETF (IVV) 2000 March $680 calls bought for $5M adjusting $690 strike
12/16/25 Silver ETF (SLV) opening sale 750 Sept 30th $58 puts at $7.90 bid
12/16/25 Silver ETF (SLV) opening sales of 15K Feb $50.50 puts at $1.25 bids
12/16/25 Silver ETF (SLV) with 1000 Jan 2027 $59 puts sold to open 9.15 bid
12/16/25 Energy ETF (XLE) buyers 4000 Feb $44 calls $1.41
12/16/25 Tesla (TSLA) buyer 10,655 Feb $600 calls $10.65 in a block
12/16/25 Tesla (TSLA) trading 15,000 Jan 30th (W) $520 calls over $32M
12/16/25 Campbell Soup (CPB) opening sales of 700 May $31 puts at $3.50 bids
12/16/25 Exxon (XOM) buyer 10K Feb $120 calls 2.26 adjusting Jan 120 calls
12/16/25 Robinhood (HOOD) sweep buys 4000 Jan 2nd (W) $133 calls $1.75 offer
12/16/25 Boston Scientific (BSX) sweep buyer 2000 May $100 calls for $3.50 offer
12/16/25 TG Therapeutics (TGTX) sees 750 Jan 2028 $45 calls buy at $7.50 as Jan 2027 adjust
12/16/25 Cameco (CCJ) 8135 Jan 30th (W) $75 short puts open 1.10
12/16/25 ServiceNow (NOW) large opening seller of 500 June $660 puts at $30.90
12/16/25 Broadcom (AVGO) buyer of 250 July $340 calls $55.50
12/16/25 Google (GOOGL) opening sale 1000 June $265 puts for $11.45 bid
12/16/25 Google (GOOG) opening seller 400 Dec 2026 $275 puts for $23.90
12/16/25 Taiwan Semi (TSM) buyer 2500 Dec $285 calls $3.85 offer
12/16/25 Amphenol (APH) opening sales of 1750 Feb $110 puts at $2.75 to $2.70
12/16/25 Corning (GLW) 700 May $75 short puts opening $4.90 to $4.85
12/16/25 Zscaler (ZS) opening sale 400 September $200 puts for 18.15
12/16/25 Marvell Tech (MRVL) opening seller of 500 April $80 puts at $7.70
12/16/25 CrowdStrike (CRWD) 500 Jan 2027 $500 puts sold to open $84
12/16/25 Nvidia (NVDA) 1900 July $155 puts sell to open 12.22
12/16/25 Micron (MU) 1400 June $200 puts sell to open $22.25
12/16/25 Palantir (PLTR) buyers of 7000 Jan 2nd (W) $185 calls 7000X for over $6M
12/16/25 AST SpaceMobile (ASTS) buyer 1000 Feb $105 OTM calls $3.40 to $3.70
12/15/25 S&P Index (^SPX) buyer 1000 March $7325 calls $33.70
12/15/25 Gold ETF (GLD) the massive Dec $395/410 call spreads adjust to buy 85,000 Jan $30th $410/$425 call spreads for $3.44
12/15/25 Silver ETF (SLV) opening sales of 1000 Jan 2028 $53 puts at $8.40
12/15/25 Gold Miners ETF (GDX) 4750 Feb 80 calls bought $8.25 as Jan 71 adjust
12/15/25 Tesla (TSLA) 1200 Jan 30th (W) $520 calls buying $24.60
12/15/25 Tesla (TSLA) massive opening sale 4000 Dec2026 $480 puts for $98
12/15/25 Uber (UBER) 12,000 Feb $70 short puts opening $1.03
12/15/25 Netflix (NFLX) 1000 Jan 2028 $90 short puts trade 15.65
12/15/25 WingStop (WING) 150 Jan 2027 $290 ITM puts sold to open $85.80
12/15/25 Bloom Energy (BE) 1100 June $50 short puts open $5.80
12/15/25 Expand Energy (EXE) 5500 Jan 100 short puts open for 0.77
12/15/25 Robinhood (HOOD) opening sales of 400 August $95 puts at $12.90
12/15/25 Robinhood (HOOD) also a opening seller of 620 Dec 2026 $105 puts at $21.30
12/15/25 UnitedHealth (UNH) massive opening seller of 5000 Feb $310 puts for $8.80 to $8.75
12/15/25 Natera (NTRA) 1550 April $210 puts sell to open for over $2M premium
12/15/25 Teva Pharma (TEVA) buyers of 3000 Feb $31 calls at $1.64 to $1.98 as some $28 calls adjust
12/15/25 Honeywell (HON) buyer 1000 Jan $195 calls 5.70 to 5.80
12/15/25 Rockwell Automation(ROK) 200 May $400 calls buying at $33.60
12/15/25 EchoStar (SATS) 1000 April $110 calls buy at $16.50
12/15/25 Broadcom (AVGO) buyers of 1500 Jan 9th $355 calls at $14.10 to $15.80
12/15/25 Broadcom (AVGO) buyer of 500 Jan 2028 $450 calls at $71.60 in a stock replacement for $3.5M
12/15/25 Nvidia (NVDA) buyers of 25,000 Jan 2027 $160 ITM calls for over $110M
12/15/25 Google (GOOGL) 9500 Jan $310 puts selling to open for $10M
12/15/25 Google (GOOG) buyer 1500 June 2027 $350 calls $45.35
12/15/25 CoreWeave (CRWV) 1800 June $55 short puts opening $8.25
12/15/25 Micron (MU) 1200 Jan 2027 $320 calls buy for $45.40
12/15/25 Microsoft (MSFT) buyers 2500 Feb $490 calls also seeing sellers of 2500 Feb $465 puts
12/15/25 Taiwan Semi (TSM) 1000 Jan 9th (W) $285 short puts open $6.35
12/15/25 Apple (AAPL) large buys of 2100 April $215 calls at $64.55 and 3100 April $220 calls at $60.05 as the Dec $210 and $215 ITM calls adjust