Topics covered:
1) 0:00 Announcements
2) 0:15 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000)
3) 11:10 FOCUS LIST: NVDA, LLY, ISRG, META
4) 14:00 Stock Review – Software: IGV (ETF), MSFT, NOW, PANW, CYBR, CHKP, CVLT, VRNS, GWRE, APP, DOCS
5) 17:35 Stock Review – Semiconductors: SMH (ETF), AVGO, TSM
6) 19:15 Stock Review – Biotech/Medical Products: XBI (ETF), CRBP, CSTL, IMVT, RARE, TMDX, HALO, MMSI, NTRA, PRCT
7) 22:10 Stock Review – Others/General Ideas/Commentary: NFLX, ASTS, RKLB, LUNR, CWAN, SFM, ONON, CAVA, FTAI, HWM, SPOT, PLTR, YOU, FROG
8) 26:00 Conclusion/Summary

Market Summary:
When the market was consolidating in the second half of August, the biggest volume day was a distribution day on Thursday, August 29th. While I don’t put that much weight on ONE day, my instincts led me to send a Market Note to Members on Friday morning, August 30th. The main point of the note was to remind members to be patient, keep your positions light, and to expect more volatility during the seasonally weak month of September. It was not a bearish note because I still think we’re in a bull market, but it was reminder to keep your expectations realistic over the near-term, and to notify you that I reduced my investment exposure that week.

I was still overall positive on the market because so many growth stocks were holding up well. Unfortunately, this past week saw two more above average distribution days (on 9/3 and 9/6), and I was forced to reduce my exposure even further because the weight of the market brought many of them down through support. You can even see it in the S&P 500 and Nasdaq Composite, which are now both below their 50-day moving averages. From here, I would like to see the following: 1) Signs of the selling to slow down. 2) Sentiment to get washed out. 3) A follow through day and for the major indexes to get back above their 50-day moving averages. 4) Growth stocks to build proper bases and offer safe entry points again. All of this will require patience.

In the meantime, the next few weeks will require patience and discipline. 1) If you decide to trade, use lighter positions to help you from getting chopped up in this higher volatility environment. 2) Make sure to stick to your stops. No matter your timeframe, you have to have some form of a loss cutting discipline. 3) Raise some cash and save it for the relative strength stocks that hold up well during this pullback. Again, this is only for people who like to vary their investment levels and have the ability to make decisions. If you struggle with this, please remember that you can use lighter positions to help build that decision-making muscle. Thank you and good luck this week.

Unusual Option Activity:
9/6/24 Nasdaq 100 ETF (QQQ) sees 5000 Oct 25th $430 puts sell to open $8.63
9/6/24 Nasdaq 100 ETF (QQQ) also seller of 3500 Oct 25th $420 puts at $6.43
9/6/24 Russell 2000 ETF (IWM) buyers of 1300 March $218 calls at $11.55
9/6/24 Energy ETF (XLE) buyers of 2500 Oct $84 puts at $1.75 as $87 puts adjust
9/6/24 Gold ETF (GLD) sees 1500 March $280/$300 call spreads bought at $0.92
9/6/24 Tesla (TSLA) block of 20,000 Dec $240 calls bought to open $20.35 offer
9/6/24 Tesla (TSLA) a block of 6400 Nov $145/$120 bull put spreads sell for $1.38
9/6/24 Tesla (TSLA) late day buyer of 40,000 Dec $225 calls at $23.95 as some Nov $225 calls adjust
9/6/24 Tesla (TSLA) also sees late day buyers of 2000 Feb $215 calls at $34.55 to $34.75 offer sweeps
9/6/24 Valero (VLO) with 6815 Dec $150 calls bought at $3.95 as the $175 calls adjust underwater
9/6/24 Diamondback Energy (FANG) buyers of 1000 Jan 2026 $145.31 puts at $10.50 to $10.70
9/6/24 Coinbase (COIN) 1100 Nov $120 puts sell to open $7.15
9/6/24 Morgan Stanley (MS) opening sale of 600 February $90 puts at $3.20
9/6/24 JP Morgan (JPM) 5000 Dec 200/190 bull put spreads open 2.05 credit
9/6/24 Immunovant (IMVT) with 2100 Sept $33 calls buying $2.45 to $2.65, April calls earlier this week
9/6/24 Immunovant (IMVT) also with 2000 Sept $33/$37 call spreads bought at $1.90
9/6/24 Apellis Pharma (APLS) 5500 Sept $45 calls are bought 0.90 to 1.15
9/6/24 Invitation Homes (INVH) 4000 Jan $40/$32.5 bull risk reversals opening for $0.05
9/6/24 Teck Resources (TECK) with 4400 Nov $44 calls bought at $3 as the $50 calls adjust
9/6/24 Broadcom (AVGO) 4350 Oct 11th (W) $120 puts sell to open 1.29
9/6/24 Marvell Tech (MRVL) with 5500 Nov $52.50 puts sell to open $0.98
9/6/24 Micron (MU) 1600 March $60 puts sell to open $2.68
9/6/24 Nvidia (NVDA) with 5000 June $57 puts sell to open at $2.23
9/6/24 Nvidia (NVDA) sees 24k Dec $110 calls bought at $9.80
9/6/24 Nvidia (NVDA) seeing buyers of 22,000 Oct $115 calls at $3.35 to $3.45 in large lots
9/6/24 Nvidia (NVDA) also sees 19,000 Oct $109 calls buy at $5.10 as more Sept $116 calls adjust
9/6/24 Taiwan Semi (TSM) opening sale of 3800 Oct 25th $125 puts at $1.64
9/6/24 Palantir (PLTR) large buyers midday for over 5000 Feb $35 calls at $3.10
9/6/24 Dell (DELL) opening sale of 240 April $95 puts at $10.75
9/6/24 Datadog (DDOG) late day opening sale of 3000 Sept $104 puts at $2.32
9/6/24 Google (GOOG) buyers of 2000 Feb $190 calls at $2.74 as Jan $195 calls adjust
9/6/24 Vertiv (VRT) 1000 October $77.50 calls buy to open $4.10
9/6/24 Vertiv (VRT) also buyer 1000 October $75 calls $4.96
9/6/24 ViaSat (VSAT) buyer of 500 March $19 calls $3.20
9/6/24 Vistra (VST) buyers of 3000 Jan $90 calls at $4.08 as $100 calls adjust
9/5/24 Russell 2000 ETF (IWM) sees a block of 10,000 Oct $222 calls bought at $3.16, adjusting the $235 calls
9/5/24 Russell 2000 ETF (IWM) buyers of 1000 Oct 11th $212.50 calls at $6 to $6.80
9/5/24 Russell 2000 ETF (IWM) buyers of 2250 Dec $229 calls at $4.35, adjusting some of the Sept $215 calls
9/5/24 Gold ETF (GLD) seeing opening sales of 4400 Sept 30th $230 puts at $2.50 to 2.25
9/5/24 Gold ETF (GLD) large midday buyer of 3000 Nov $236 calls at $5.54
9/5/24 Treasury ETF (TLT) sees 3000 Jan $103 puts sold to open at $5.42 to $5.35, over $1.6M
9/5/24 UltraPro Short Nasdaq ETF (SQQQ) with 3200 March $7 calls bought at $2.48 to $2.50
9/5/24 Regional Banks ETF (KRE) with 10k January $56 puts sold to open at $3.80 bids
9/5/24 Consumer Discretionary ETF (XLY) 2500 January $170 puts selling to open 3.90
9/5/24 Teck ETF (XLK) 1440 February $200 puts bought $8.95 offers
9/5/24 Semiconductors ETF (SOXX) seeing 1000 January $210 calls bought at $21.20 to $21.50
9/5/24 Semiconductors ETF (SOXX) also 200 Jan 2026 $215 puts sold to open at $29.20
9/5/24 Uranium ETF (URA) 2500 January $22 puts sell to open 1.15
9/5/24 Tesla (TSLA) buyers 2000 Feb $320 calls up to $12.40 from $11.90
9/5/24 Tesla (TSLA) also buyers in Feb $330 calls 2700X
9/5/24 Tractor Supply (TSCO) with 450 Oct $270 puts sell to open $9.20
9/5/24 Colgate (CL) 1870 Feb 97.50 puts sell to open 1.80
9/5/24 Starbucks (SBUX) buyer 3100 Nov $95 calls $4.45 offer
9/5/24 Chewy (CHWY) 3000 April 22.50 puts sell to open for 2.70
9/5/24 Chevron (CVX) 600 June 2026 $115 puts sell to open 7.05
9/5/24 Coinbase (COIN) seeing 500 Dec $165 calls buy to open $26.92
9/5/24 Coinbase (COIN) buyer 180 May 2026 $160 calls for $62.90, $1.1M
9/5/24 MicroStrategy (MSTR) buyer 1000 Jan $110 calls ITM for $3.4M
9/5/24 Neurocrine Biosciences (NBIX) opening sale 500 Dec $120 puts $7.10
9/5/24 AstraZeneca (AZN) 4100 Oct 11th (W) 79 puts sell to open 0.61
9/5/24 Merck (MRK) 9600 Jan $130 calls sell to open at $2.40 as Oct $120 short calls adjust
9/5/24 Eli Lilly (LLY) opening sales of 3000 Sept $980 calls at $4.20 down to $3.95
9/5/24 On Semi (ON) opening seller of 8280 Oct 11th $59 puts at $0.71
9/5/24 Zscaler (ZS) 200 April $135 puts sell to open 9.55 to 9.50
9/5/24 DataDog (DDOG) 4,275 Oct 11th (W) $95 puts sold to open $0.78
9/5/24 Amazon (AMZN) buyer of 834 Dec 2026 $215 calls for 27.70
9/5/24 Qualcomm (QCOM) with 750 December $165 calls sell to open $15.40
9/5/24 Google (GOOGL) opening seller 1000 April $135 puts for $4.80
9/5/24 Google (GOOG) sale to open 500 Dec 2026 $130 puts for 11.20
9/5/24 AST SpaceMobile (ASTS) buyer 1300 Oct $20 calls up to $10.60
9/5/24 Vertiv (VRT) buyer 300 December $62.50 calls ITM 17.10 offer
9/5/24 Nvidia (NVDA) large buyer of 19,000 Oct $109 calls at $7.85 as the Sept $116 calls adjust
9/5/24 Nvidia (NVDA) sweep buys 3000 Oct 4th (W) $102 calls $10.44 to $11.25, same expiration with size calls bought yesterday