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Topics covered:
1) 0:00 Announcements
2) 1:00 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000
3) 7:30 Stock Review – Aerospace/Defense: SHLD (ETF), UFO (ETF), RKLB, ASTS, PL, BKSY, KRMN, VSAT, LUNR, WWD
4) 10:35 Stock Review – Semiconductors and Data Storage: SMH (ETF), NVDA, TSM, KLAC, LRCX, ASML, AMAT, AEIS, NVMI, TER, Q, MU, STX, WDC, SNDK
5) 13:40 Stock Review – Electronic/Energy/Data Center related: LITE, COHR, JBL, VRT, GEV, FN, ATI, CIEN, BE, GLW, AAOI, LASR, CAMT, MOD, TTMI
6) 15:50 Stock Review – Biotech/Medical: XBI (ETF), EWTX, TERN, PCVX, CGON, UTHR
7) 17:10 Stock Review – Others/General Ideas/Commentary: DVN, TDW, NBIS, NET, GOOGL, SPHR
8) 19:50 Conclusion/Summary

Market Summary:
The theme remains the same: Patience and defense until we see signs of 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. 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 good luck for the remainder of the week.

Unusual Options Activity:
3/25/26 S&P 500 ETF (SPY) buyer 3000 July $700 calls 10.68 to 10.76
3/25/26 Nasdaq 100 ETF (QQQ) massive buyer of 15,000 June $645 far OTM calls at $5.38
3/25/26 Nasdaq 100 ETF (QQQ) also 4400 April 10th $608 calls buy at $3.70 offer
3/25/26 Nasdaq 3x ETF (TQQQ) 4500 May 1st (W) $38 short puts opening 1.75
3/25/26 Russell 2000 ETF (IWM) 1500 Dec 2028 $230 short puts open 23.60
3/25/26 Gold Miners ETF (GDX) buyer 5000 May $100/$110 call spreads
3/25/26 Space ETF (UFO) 1950 April 50 calls buy
3/25/26 Solar ETF (TAN) 2000 May $57 calls buy for 3.20
3/25/26 Housing ETF (ITB) buyers 5000 April $95 calls
3/25/26 Biotech ETF (XBI) buyer 1500 June $127 calls 6.70
3/25/26 Walmart (WMT) 850 Dec 2027 $120 short puts open 14.6
3/25/26 Wingstop (WING) buyer of 500 March 2027 $170 calls at $46.30
3/25/26 Monster Beverage (MNST) 3050 June $65 short puts opening 1.30
3/25/26 Tesla (TSLA) buyer 20K April $470 calls 0.57 to 0.60
3/25/26 Disney (DIS) 7200 May $80 short puts opening $0.82 adjusting April 2nd (W) $95
3/25/26 Citigroup (C) 2895 July $97.5 short puts open $3.40
3/25/26 Bank America (BAC) buyer 4550 July $45 calls at $5.90
3/25/26 J&J (JNJ) 1750 May $230 ITM calls buying to open up to $15.15
3/25/26 Eli Lilly (LLY) opening sales 1000 May $760 puts at $12.36 as March 27th $895 adjust
3/25/26 AstraZeneca (AZN) buyer 1000 April 190/210 call spreads
3/25/26 Bristol Myers (BMY) buyers of 5500 May $62.50 calls at $1.13 to $1.30
3/25/26 Cytokinetics (CYTK) spread bought 600 April 55 calls 11.60 and sold May 90 calls
3/25/26 Thermo Fisher (TMO) 1380 May $420 short puts open 4.87
3/25/26 Chevron (CVX) opening seller of 5500 May $190 puts at $3.12
3/25/26 Petrobras (PBR) 4200 Oct $15 short puts open 0.77
3/25/26 Newmont (NEM) 500 Sept $105/$100 bull risk reversals open at 2.40 debit
3/25/26 Red Cat Holdings (RCAT) 5000 April 10th (W) 15.50 puts sell to open 1.32 to 1.32
3/25/26 Red Cat Holdings (RCAT) buyers of 900 May $10 ITM calls $6.72 to $7
3/25/26 Planet Labs (PL) 800 July $42 calls buy $6.10 offer
3/25/26 Planet Labs (PL) 4000 May $20 puts sell to open $0.35
3/25/26 Planet Labs (PL) 1800 Jan $40/$20 bull risk reversals open for $8 debit
3/25/26 Vertiv (VRT) 1022 June $320 ITM short puts open 57.59 adjusting May 270
3/25/26 Modine Manufacturing (MOD) 1600 May $300 calls buy aggressively at 8.10 offers
3/25/26 Marvell Tech (MRVL 3000 April 2nd $100 calls buying $1.80
3/25/26 Marvell Tech (MRVL) buyer 1100 Dec 2027 $120 calls 22.94
3/25/26 Intel (INTC) 6000 April 10th (W) $50 calls bought $0.88
3/25/26 Cloudflare (NET) buyer of 1000 July $260 OTM calls for $16.45
3/25/26 ServiceNow (NOW) opening sale 1000 March 2027 $100 puts at 17.60
3/25/26 Microsoft (MSFT) 1500 March 2027 $280 short puts open 11.66
3/25/26 Google (GOOGL) 1750 May 1st (W) $315 calls being bought $1M
3/25/26 Google (GOOGL) opening sales 500 Oct $265 puts at $16.55
3/25/26 Broadcom (AVGO) buyer 1250 April 6th (W) $330 calls 5.54
3/25/26 Broadcom (AVGO) opening sale of 3000 March 30th $310 puts at $3.11
3/25/26 Nvidia (NVDA) 1200 Sept 2027 deep ITM $250 puts sold to open $79.85
3/25/26 Arm Holdings ADR (ARM) buyer of 800 June $190 calls at $6.30 to $7.30
3/25/26 Arm Holdings ADR (ARM) opening sales 1200 June $145 puts at $10.75 bids
3/25/26 Arm Holdings ADR (ARM) 1000 April $155 short puts open $8.55 to $8.37
3/25/26 Arm Holdings ADR (ARM) also May $200 calls buying 1000x at $2.50
3/25/26 Dell (DELL) buyers of 1300 April $210 calls at $1.90
3/25/26 Micron (MU) 9000 April $415 calls bought at $11 to $11.70
3/25/26 Micron (MU) 5000 April 10th $300 puts sell to open $2.06
3/25/26 Micron (MU) 2000 Jan 150 puts sold to open 6.25
3/25/26 Micron (MU) 6000 April 24th $380 short puts open at $23.30 bids
3/25/26 EchoStar (SATS) 1000 July $145/$155 call spreads buying
3/25/26 EchoStar (SATS) buyer 5000 June 130/150 call spreads
3/25/26 EchoStar (SATS) buyer of 2000 June $130/$150 call spreads
3/25/26 EchoStar (SATS) also Dec $190 calls sell to open $9.40
3/24/26 S&P 500 ETF (SPY) 4300 May $525 puts sell to open $2.50
3/24/26 Nasdaq 100 ETF (QQQ) buyer 24,000 June $655 calls for $2.97 in a block
3/24/26 Financials ETF (XLF) opening seller 10,000 Jan $35/$30 bull put spreads
3/24/26 Gold ETF (GLD) 4000 May 1st $425 calls bought $11.75 to $12.15
3/24/26 Gold ETF (GLD) also buyers of 4k April 10th $427 calls at $6.25
3/24/26 Emerging Markets ETF (EEM) buyer of 5000 May $57 calls at $2.63
3/24/26 Brazil ETF (EWZ) opening sale 4000 March 2027 $30 puts at $2.10
3/24/26 Home Depot (HD) 500 Sept $290 short puts open 12.40
3/24/26 Walmart (WMT) opening seller 2000 Jan $125 ITM puts at $12.85
3/24/26 Uber (UBER) 13,850 May 1st (W) $62 short puts open 0.57
3/24/26 Blackstone (BX) large opening seller of 3000 June 2027 $95 puts at $14.70
3/24/26 Insmed (INSM) 640 Jan $180/$120 bull risk reversals open for $1.00 credit
3/24/26 Immunovant (IMVT) spread sold 1000 May $20 puts to buy 1000 $25/$30 call spreads
3/24/26 Thermo Fisher (TMO) 2345 May $400 short puts open 4.60
3/24/26 ConocoPhillips (COP) buyer of 1500 Dec $125 calls at $18.50
3/24/26 Marathon Petroleum (MPC) buyer 300 Jan $320 calls at $11.30
3/24/26 Schlumberger (SLB) 5500 Sept $45 short puts open at $3
3/24/26 Schlumberger (SLB) buyer 5000 April 52.5 calls 1.54
3/24/26 Bloom Energy (BE) 600 Jan $75 puts sold to open at $14
3/24/26 Freeport McMoran (FCX) buyer 600 July $55 calls $6.77
3/24/26 Cameco (CCJ) 5000 June $85 short puts opening $3.49
3/24/26 Newmont (NEM) 500 Jan 2028 $90 puts sell to open $17 as June short puts adjust
3/24/26 3M (MMM) buyer 1000 April 148/160 call spreads at 3.70
3/24/26 Modine Manufacturing (MOD) 600 May $230 calls buy $19
3/24/26 Proto Labs (PRLB) unusual buy of 1000 April $60 calls $2.10
3/24/26 RTX (RTX) 3500 April 24th $160 puts sold to open $0.93
3/24/26 Intuitive Machines (LUNR) buyers 3000 April 10th (W) $19.50 calls 1.69 offer
3/24/26 Apple (AAPL) size opening sale 9000 May 1st (W) $250 puts for 7.40
3/24/26 Microsoft (MSFT) 5000 May $300 short puts open 1.90
3/24/26 Intel (INTC) opening sales 1100 Sept $43 puts at $6.45
3/24/26 Nebius Group (NBIS) 1000 April 10th (W) $125 calls buy 4.75 offer
3/24/26 Tower Semi (TSEM) 2490 July $120 puts sell to open $6.25 to buy 8300 July $190 calls at $25
3/24/26 Nvidia (NVDA) 5000 April 24th (W) $155 short puts open $2
3/24/26 ASML Holding (ASML) opening seller of 2000 April 2nd $1245 puts at $8.50
3/24/26 Lam Research (LRCX) buyer 900 May $260 calls $14.30 to $14.40
3/24/26 Corning (GLW) 1000 June $115 calls bought 28.83 to $32
3/24/26 Corning (GLW) buyer in Jan $230 max strike calls $10 to $10.60
3/24/26 Applied Optoelectronics (AAOI) 2000 April 2nd $110 calls buy at $9.00 to $9.20
3/24/26 AXT (AXTI) buyer 300 May $80 calls $13
3/24/26 AXT (AXTI) also seeing 1000 May $80 short puts open $23.50
3/24/26 Arm Holdings ADR (ARM) 500 August $150 calls buy $16 to $16.30
3/24/26 Micron (MU) opening sale of 5000 May 1st $280 puts at $3
3/24/26 Dell (DELL) size buyer 3000 May $175 calls 12.50 to 13
3/24/26 Dell (DELL) 2000 May $220 far OTM calls buy
3/24/26 Taiwan Semi (TSM) buyer 1200 Dec $460 calls 20.10
3/24/26 AST SpaceMobile (ASTS) buyers 6000 April 2nd $95 calls $2.30
3/23/26 S&P 500 ETF (SPY) opening sales of 4300 Sept $450 puts at $3.88
3/23/26 Nasdaq 100 ETF (QQQ) size buy 2000 March 2027 $590 calls up to $70, $14M
3/23/26 Russell 2000 ETF (IWM) buyer 1000 April 10th (W) $250 calls $5.45
3/23/26 Tech ETF (XLK) 5000 Sept $110 puts sold to open $2.90
3/23/26 Gold ETF (GLD) 1100 July $450 calls bought at $16.04 as Jan $480 calls adjust
3/23/26 Silver ETF (SLV) buyer 1000 June $61 calls $7.70
3/23/26 Brazil ETF (EWZ) buyer 25,000 Dec $47 calls $1.67 and also 10,850 Dec $40 calls bought $3.57
3/23/26 Netflix (NFLX) buyer 1500 April $97 calls $2.52
3/23/26 Costco (COST) buyer 200 July $990 calls for over $1M
3/23/26 Walmart (WMT) opening seller 2300 Dec $97.50 puts $3.65
3/23/26 Walmart (WMT) 3500 May 1st $105 short puts open at $0.71
3/23/26 DoorDash (DASH) 1200 May $140 short puts opening
3/23/26 Citigroup (C) 10,000 April $120 calls bought 2.08 to 2.10
3/23/26 Blackstone (BX) opening sales 1600 Dec 2028 $120 ITM puts at $33.20 to $32.70
3/23/26 Berkshire Hathaway (BRK.B) 1300 Sept $410 puts sell to open $6.60 to $6.55
3/23/26 Circle Internet Group (CRCL) buyer 2000 April $140 calls 5.65 offer
3/23/26 ConocoPhillips (COP) buyers of 1600 August $140 calls at $6.55 to $6.70
3/23/26 Cheniere Energy (LNG) buyer 1000 April $295 calls $7.90 to $8
3/23/26 Expand Energy (EXE) 10,000 May 90 short puts open 1.10
3/23/26 Bloom Energy (BE) size opening sale 500 Oct $125 puts for $31.90
3/23/26 Novartis (NVS) 500 June $155 calls buy $4.60 offer
3/23/26 Tyra Biosciences (TYRA) spread sells 1000 April $30 puts to buy 1000 $40/$45 call spreads
3/23/26 Edgewise Therapeutics (EWTX) 2000 Apr 26 short puts open
3/23/26 Firefly Aerospace (FLY) 2500 April $25 calls buy for $2
3/23/26 Intuitive Machines (LUNR) buyer 2500 April $22 calls 1.25 offer
3/23/26 RTX (RTX) 400 Mar 2027 $135 short puts open 4.50
3/23/26 Jabil (JBL) 2000 April $300 OTM calls w/ buyers
3/23/26 GE Vernova (GEV) buyer 300 June $1150 calls $15.60
3/23/26 Amazon (AMZN) 1000 May 1st $210 short puts sell at $10.02 as May $185 short puts adjust
3/23/26 Microsoft (MSFT) buyer 1500 August $410 calls 21.25 to 21.45
3/23/26 Google (GOOGL) 20,000 June $340 calls buying $7.15 up to $8.60
3/23/26 Google (GOOG) opening sale of 1000 Jan $205 puts at $5.80
3/23/26 Meta (META) opening sale 1850 May 1st $490 puts at $4.40
3/23/26 CoreWeave (CRWV) buyer 1000 June $92.50 calls $10.55 and sells Jan $140 calls $11.20
3/23/26 Fastly (FSLY) 2000 June $20 short puts open 1.73
3/23/26 Intel (INTC) 5000 April 2nd (W) $47 calls bought $0.90
3/23/26 Arm Holdings ADR (ARM) buyers of 2000 Jan $185 calls at $13.75 to $14.50 in large lots
3/23/26 Taiwan Semi (TSM) 2000 Jan $100 puts sell to open $1.33
3/23/26 Marvell Tech (MRVL) buyer 1000 April $94 calls $3.10
3/23/26 AXT (AXTI) 2000 deep ITM August $75 short puts open 20.80 to 30.60
3/23/26 T-Mobile (TMUS) buyers 3900 April $222.50 calls at $1.95 to $2