Topics covered:
1) 0:00 Announcements
2) 0:15 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000
3) 10:10 Stock Review – Aerospace/Defense: SHLD (ETF), UFO (ETF), RKLB, ASTS, PL, BKSY, KRMN, VSAT
4) 14:40 Stock Review – Semiconductors and Data Storage: SMH (ETF), NVDA, TSM, KLAC, LRCX, AMAT, AEIS, NVMI, TER, Q, MU, STX, WDC, SNDK
5) 19:25 Stock Review – Electronic/Energy/Data Center related: LITE, COHR, JBL, VRT, GEV, ATI, CIEN, BE, GLW, AAOI, LASR, CAMT
6) 23:30 Stock Review – Biotech/Medical: XBI (ETF), LLY, EWTX, TERN, PCVX, CGON, UTHR
7) 25:15 Stock Review – Others/General Ideas/Commentary: TSLA, DVN, NEM, NBIS, NET, GOOGL, SPHR
8) 29:40 Conclusion/Summary

Market Summary:
Earlier in the year, there was a big divergence between value and growth. I mentioned that one of two things usually happens. Either growth stabilizes and lifts the market higher or the weakness in growth brings the market down. Unfortunately, the latter scenario happened over the past few weeks. After that, I continued to mention that there are very strong secular growth sectors that want to go higher, but the weight of the market keeps holding them back from any CONSISTENT gains. Unfortunately, the weakness in the market continued and is now affecting some of those strong sectors. This led me to reduce exposure considerably this past week because I have to respect the technicals and stick to my loss cutting discipline. As always, what you should do depends on your own timeframe and risk tolerance.

From here, I am going to wait for signs of the selling to slow down and look for better price action. Specifically, I would like to see the major indexes regain their 200-day moving averages and see 1 or 2 follow through days. This will take time before it happens, so please remember to be patient and defensive until then. If you are inclined to trade, please keep things light as I am still expecting more volatility over the near-term. Also, please keep in mind that protecting your confidence is just as important as protecting capital during market corrections. I want members to be mentally ready for the next power trend. It will simply require patience until it develops. Thank you and enjoy the rest of your weekend.

Unusual Options Activity:
3/20/26 Semiconductors ETF (SMH) opening seller of 1000 Jan 2028 $300 puts for $33.20
3/20/26 Financials ETF (XLF) opening seller of 5000 March 2027 $48 puts at $3.40
3/20/26 Financials ETF (XLF) also buyers into the close for 7000 June $49 calls at $2.38
3/20/26 Gold ETF (GLD) opening seller of 1800 August $400 puts at $16.70
3/20/26 Silver ETF (SLV) buyer 4000 June $72.5 calls $4.25
3/20/26 Silver ETF (SLV) 1100 June 2027 $73/$96 call spreads bought
3/20/26 Silver ETF (SLV) opening sales of 3800 Oct $40 puts at $1.25
3/20/26 Tesla (TSLA) opening seller of 700 Oct $330 puts at $29.80
3/20/26 Best Buy (BBY) large buyers 2300 April $60 ITM calls at $3.80 offer
3/20/26 Vita Coco (COCO) 1000 Oct $70 calls bought 4.25 as July 60 adjust
3/20/26 Berkshire Hathaway (BRK.B) 1000 Sept $450 puts sold for 14.21
3/20/26 Berkshire Hathaway (BRK.B) buyers of 550 Dec 2028 $560 calls at $60.10
3/20/26 J&J (JNJ) buyer 1000 Sept $250 calls 12.70, stock replacement
3/20/26 BioCryst Pharma (BCRX) 2500 June 10 calls buying 1.15 to 1.30
3/20/26 Boston Scientific (BSX) opening sellers 4000 June $60 puts near 1.90
3/20/26 Mosaic (MOS) buyers 10,000 Jan $35 calls here for $1.90
3/20/26 Mosaic (MOS) buyers of 5000 Jan 2028 $40 calls at $3.05 offer
3/20/26 Exxon (XOM) buyer 1450 April 10th (W) $162.5 calls $4.65 offer
3/20/26 Exxon (XOM) buyers 1000 Oct $190 calls at $5.80 offers
3/20/26 EQT (EQT) opening seller 600 Jan $80 ITM puts at $17.75
3/20/26 Cheniere Energy (LNG) trades 800 each June $270 and $280 calls, both legs bought
3/20/26 Alcoa (AA) opening sales of 3400 June $45 puts at $2.39 to $2.29 bids
3/20/26 Howmet Aerospace (HWM) 2925 April 24th $190 short puts open at $1.35 to $1.30
3/20/26 Planet Labs (PL) March short puts adjusting and open 900 July $31 short puts
3/20/26 Planet Labs (PL) 3000 May $34 puts sell to open $5.15
3/20/26 CoreWeave (CRWV) 650 Jan $57.5 short puts open 11.10
3/20/26 CoreWeave (CRWV) opening sales of 2250 Jan $37.50 puts at $4.10
3/20/26 Google (GOOGL) 2500 May $255 short puts opening $3.50
3/20/26 Google (GOOGL) opening seller 1000 Oct $250 puts at $10.96
3/20/26 Nvidia (NVDA) 1500 Oct $170 puts sell to open $18.45
3/20/26 ASML Holding (ASML) buyers of 550 Jan $2100 far OTM calls at $51 to $52.40
3/20/26 ASML Holding (ASML) 650 May $950 puts sell at $12.30 to $12.20
3/20/26 Corning (GLW) 1000 May $105 puts sell to open $4.30
3/20/26 Micron (MU) 5000 March 27th $430 puts sell to open $12.25
3/20/26 Micron (MU) opening seller of 5000 April 24th $400 puts at $19.40
3/20/26 Taiwan Semi (TSM) buyers 3000 May $350 calls at $14
3/20/26 Taiwan Semi (TSM) buyers of 1100 Jan 2028 $550 calls at $34 to $35
3/19/26 S&P 500 ETF (SPY) buyers 2450 April 10th (W) $655 ITM calls for $4M
3/19/26 S&P 500 ETF (SPY) opening sellers of 2500 June 30th $670 puts at $32.60 to $31.30
3/19/26 Nasdaq 100 ETF (QQQ) seller of 4500 Sept 30th $575 puts at $33.06 as June $540 short puts adjust
3/19/26 Nasdaq 100 ETF (QQQ) 5000 April 608/628 call spreads bought
3/19/26 Russell 2000 ETF (IWM) opening seller of 1500 August $225 puts at $9.04
3/19/26 Semiconductors ETF (SMH) 3500 Jan $315 short puts opening 27.70
3/19/26 Consumer Discretionary ETF (XLY) opening sale 4000 Sept $100 puts for 4.37
3/19/26 Oil & Gas ETF (XOP) buyer 1500 June $200 calls for $5.10
3/19/26 Financials ETF (XLF) 15,000 Dec 2028 $47 short puts open $4.90
3/19/26 Regional Banks ETF (KRE) 3000 Jan 2028 $57 short puts open at $6.90
3/19/26 Tesla (TSLA) 1000 Nov $345 short puts open for $37.43 and buys 500 $450 calls $40.71
3/19/26 J&J (JNJ) large buy 1050 July $230 calls $20.55
3/19/26 Nektar Therapeutics (NKTR) 250 Jan $80 calls bought $21.40
3/19/26 Terns Pharma (TERN) some more upside buyers, July 70 calls far OTM
3/19/26 Alibaba (BABA) buyer 1150 Dec 2028 $150 calls for $3.5M
3/19/26 Alibaba (BABA) 2000 Jan $105 deep ITM calls bought for $6M
3/19/26 JP Morgan (JPM) opening seller 5000 April $240 puts at $1.52
3/19/26 Boeing (BA) 3000 July $180 puts sell to open $8.80
3/19/26 Rockwell Automation (ROK) 1357 May $380 short puts open 35.45 as April 350 adjust
3/19/26 Dow Chemical (DOW) buyers 7000 April $40 calls $1.45
3/19/26 Conoco (COP) 1250 August $115 short puts opening $6.35
3/19/26 Valero (VLO) buyers of 300 Dec $330 calls at $13.10 offer sweeps
3/19/26 EQT (EQT) Dec $80 OTM calls buy 1000X 4.40 to 4.80
3/19/26 Schlumberger (SLB) buyer 4050 Jan $57.5 calls $3.40 as April 50 adjust
3/19/26 MKS Instruments (MKSI) buyer 500 Oct $210 calls $62.75 adjusts April 210
3/19/26 Tower Semi (TSEM) 1000 April $165 puts sell to open $15.50
3/19/26 CoreWeave (CRWV) 1000 April 82.5 calls buy 7.35 offers
3/19/26 Google (GOOGL) October $220 puts sold to open $5.35 2300X
3/19/26 Nvidia (NVDA) buyer 1350 April 2nd (W) $167.5 calls for $11.50
3/19/26 Nvidia (NVDA) opening seller of 3000 Oct $140 puts at $8.11 as March $170 adjust
3/19/26 Broadcom (AVGO) 1200 Oct $220 short puts opening 9.93
3/19/26 Micron (MU) 5200 May $280 short puts opening 4.36
3/19/26 Micron (MU) 5160 April 2nd (W) $425 short puts opening down to $19
3/19/26 Micron (MU) big opening sales of 10,000 April 24th $420 puts at $28
3/19/26 Micron (MU) also 8000 Sept $400 puts sell to open $57
3/19/26 ASML (ASML) 800 May 1st (W) $1000 short puts open $10
3/19/26 Western Digital (WDC) buyer of 500 June $310 calls at $53.40
3/19/26 Coherent (COHR) 1000 ITM Sept $200 calls buy $86 to $89.10
3/19/26 Taiwan Semi (TSM) 1200 July $270 short puts open $9.75
3/19/26 Taiwan Semi (TSM) 1500 August $250 short puts for $8.60
3/19/26 Taiwan Semi (TSM) 3600 August 200 short puts open 2.87
3/19/26 EchoStar (SATS) 2000 May 80 short puts opening 1.55