Topics covered:
1) 0:00 Announcements
2) 0:40 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000)
3) 5:40 FOCUS LIST: NVDA, LLY, MSFT, ISRG, META, ONON
4) 8:45 Stock Review – Software: IGV (ETF), NOW, ORCL, PANW, CHKP, CVLT, GWRE, APP, DOCS, SMAR
5) 11:30 Stock Review – Semiconductors: SMH (ETF), AVGO, TSM, PI, ARM
6) 12:25 Stock Review – Biotech/Medical Products: XBI (ETF), CRBP, HALO, MMSI, NTRA, PRCT, TMDX
7) 14:25 Stock Review – Others/General Ideas/Commentary: NFLX, COHR, FOUR, ASTS, RKLB, LUNR, CRMD, CWAN, SFM, CAVA, SG, FTAI, HWM, GE, SPOT, PLTR, NEE, VST, CEG, DECK, AFRM, UPST, FROG, AXON, TGLS, YOU
8) 22:40 Stocks Near Buyable Ranges: XBI (ETF), ASTS
9) 23:40 Conclusion/Summary

Market Summary:
After last Wednesday’s big accumulation day, I mentioned that we could see continued strength into this week of OpEx. Overall, the market has been incredibly resilient. Today, the Fed cut interest rates by 50 bps. Yes, the market reversed/stalled on heavier volume today, but please don’t read too much into it. Overall, lower rates create a more equity-friendly environment, and there are just too many stocks acting well for me to get bearish on normal pullbacks. For example, some people said the S&P 500 had a “breakout failure” today, but I simply view it as the index was extended and needed to pull back.

From here, I mentioned that we are heading into a seasonally weak period. It’s nothing to panic about, just expect higher volatility over the near-term. If you are a longer-term investor, hopefully you have strong entry points on your positions and can deal with some potential volatility. If you are shorter-term, one suggestion would be to use lighter positions so you don’t get chopped around. Overall, I’m neither expecting any significant downside over the near-term nor any significant upside. I think we will be in a range until we get through this seasonally weak period, and it could set us up for a strong rally in the fourth quarter. As always, I will take things day-by-day and continue to update you in these videos. If you have any questions, you can ask them during the next LIVE Webinar, which will be this Saturday, September 21st at 11AM EST. Thank you and good luck for the remainder of the week.

Unusual Option Activity:
9/18/24 S&P 500 ETF (SPY) long term bulls buying 1300 April $545 ITM calls at $45.50
9/18/24 S&P 500 ETF (SPY) also 1200 of the $540 ITM calls bought at $49.30
9/18/24 Nasdaq 100 ETF (QQQ) opening sales of 3000 Jan $475 puts at $21.06, adjusting the $399.78 puts
9/18/24 Gold ETF (GLD) sees a buyer of 1000 March $250 calls at $7.50 offer sweeps
9/18/24 Silver ETF (SLV) buyer 3000 June 2025 quarter-end calls $2.10
9/18/24 Oil Services ETF (OIH) large buyer of 12,600 Nov $255 puts at $4.35 as the Oct $250 puts adjust again
9/18/24 China Bull 3x ETF (YINN) buyer of 1000 Nov $25 calls at $1.45
9/18/24 Best Buy (BBY) buyers 620 March $97.50 puts $7.70 to $7.80
9/18/24 Elf Beauty (ELF) buyer 200 January 2026 $155 calls $21.30
9/18/24 Toyota (TM) 1100 April $210 calls sold to open $4 to $3.90
9/18/24 Costco (COST) trading 750 Dec $940/$820 bull risk reversals at $18+ debits
9/18/24 Cava Group (CAVA) seeing 1200 Sept 27th (W) $125 calls with buyers near $3.20
9/18/24 Netflix (NFLX) 200 December 2026 $700 calls bought for $3.5M
9/18/24 Lowe’s (LOW) 2250 January $230 puts sell to open for $4.85
9/18/24 Wingstop (WING) 200 March $400 puts bought for $37.10 to $37.70
9/18/24 Goldman Sachs (GS) buyer 500 Nov $535 calls $5.64 adjusting Oct 525
9/18/24 Bank America (BAC) 6000 December $41/$36 bull risk reversals at $0.89 debits
9/18/24 Novo Nordisk (NVO) 1650 Oct $135 calls bought $4.05 as Sep calls adjust out a month
9/18/24 Corbus Pharma (CRBP) trade bought 200 Nov 55/85 call spreads $8 while selling 200 Dec $25 puts for $3
9/18/24 Edgewise Therapeutics (EWTX) 5000 Oct $20 calls buy $4.50 adjusting the 22.5 strike, drug update soon
9/18/24 Intuitive Surgical (ISRG) 300 March $580 calls sell to open 12.20
9/18/24 Rocket Labs (RKLB) 3000 January $7 puts bought $1.10 offers
9/18/24 CrowdStrike (CRWD) 2500 Nov 1st (W) $225 puts sell to open 2.72
9/18/24 Workday (WDAY) 1250 Oct 25th (W) $225 puts sell to open 1.75
9/18/24 Marvell Tech (MRVL) buyer 1320 Oct 11th (W) $76/$82 call spreads
9/18/24 Marvell Tech (MRVL) also 8500 Nov 1st (W) $60 puts sell to open 0.67
9/18/24 ASML (ASML) 850 Nov $660 puts sell to open 11.20 to 11.10
9/18/24 MongoDB (MDB) 2250 Nov 1st (W) $235 puts sold to open $2.45
9/18/24 DataDog (DDOG) 5300 Nov 1st (W) $97 puts sell to open 1.13
9/18/24 On Semi (ON) with 8500 Nov 1st $57 puts sell to open $0.76
9/18/24 Arm Holdings (ARM) large opening seller of 720 April $140 puts at $26.55
9/18/24 Coherent (COHR) buyer of 1600 Nov $90/$110 call spreads at $3.08 as the $80/100 spreads adjust up
9/18/24 Coherent (COHR) 880 Feb $110 calls bought $3.50 offer
9/18/24 Coherent (COHR also seeing opening sellers in Feb 55 and 50 puts
9/18/24 Advanced Micro (AMD) large midday buyers for 1000 January 2026 $155 calls at $34.15 offers
9/18/24 Nvidia (NVDA) buyers across Oct 11th (W) call strikes with $107, $108 and $113 calls over $5M premium bought
9/18/24 Constellation Energy (CEG) 250 January $210 puts sell to open ITM at 24.60 bid
9/17/24 Russell 2000 ETF (IWM) 13,500 Dec $208 puts sell to open at $5.25, adjusting the Nov $206 short puts
9/17/24 Homebuilders ETF (XHB) with buyers of 2000 Oct $128 calls at $1.69 as the $123 calls adjust
9/17/24 Gold Miners ETF (GDX) bull risk reversal 1000X with June 2026 $40/$35 at $3.80
9/17/24 2x Bitcoin ETF (BITX) buyers of 1250 Oct 4th $25 calls at $3.50
9/17/24 Walmart (WMT) 2200 Nov 82.50 puts sell to open for 3.60
9/17/24 Costco (COST) buyer 100 March $920 calls for $69.45
9/17/24 Elf Beauty (ELF) with 1000 Sept $109 puts sold to open 1.35
9/17/24 Elf Beauty (ELF) 850 Oct 100 puts sell to open 2.95
9/17/24 On Holding (ONON) seeing 2000 deep ITM June 2025 $32.50 calls opening $19.95
9/17/24 Wynn Resorts (WYNN) buyer 3000 Oct $82.50 calls selling 4500 of the $90 calls
9/17/24 Wynn Resorts (WYNN) opening sales of 1950 Dec $80 puts at $5 to $4.85
9/17/24 Iron Mountain (IRM) opening sale 2850 Nov 105 puts for 1.60
9/17/24 Wells Fargo (WFC) sweep buyer 1300 March $62.5 calls $1.72 offer
9/17/24 Affirm (AFRM) sees 4000 Jan $35/$32.50 bull put spreads sell for $0.68
9/17/24 Upstart (UPST) buyer 600 Jan 2026 $60 far OTM calls for $9.10
9/17/24 Novo Nordisk (NVO) 3285 Oct 25th (W) $120 puts sell to open 1.04
9/17/24 Viking Therapeutics (VKTX) 400 January $75 ITM puts sell to open for $19.25
9/17/24 Amgen (AMGN) seller of 600 January $330 puts for $22.15
9/17/24 FTAI Aviation (FTAI) sees 500 Nov $135/$115 bull risk reversals open for $2.90
9/17/24 Advanced Micro (AMD) buyer of 10,000 Sept 27th $160/$170 call spreads for $1.26 as $150 calls adjust
9/17/24 Microsoft (MSFT) size buys 2650 December $460 calls $15.10 to $15.60
9/17/24 Google (GOOGL) buyer 550 Dec 2026 $155 calls $36.50
9/17/24 CrowdStrike (CRWD) 1700 Dec $195 puts sold to open $3.10 to $3.05
9/17/24 Meta (META) sees 440 Feb $600 calls sell to open $33.95
9/17/24 Celestica (CLS) sees 3500 Oct $50 calls bought at $1.91 as $47.50 calls adjust
9/17/24 Applied Materials (AMAT) buyer 1000 Oct $190 calls $8.19
9/17/24 Nvidia (NVDA) sees 2400 April $155/$95 bull risk reversals opening now at $0.35 credit
9/17/24 Constellation Energy (CEG) with buyers of 1300 Dec $210 calls at $17.45 as $180 calls adjust
9/17/24 AST SpaceMobile (ASTS) with 1150 January 2026 $25 puts sold to open for $11.80
9/16/24 S&P 500 ETF (SPY) buyers of 2900 April $600 calls at $12 to $12.30
9/16/24 Homebuilders ETF (ITB) seeing buyer of 2000 Oct $125/$135 call spreads for $3.05
9/16/24 Energy ETF (XLE) buyer of 2000 Sept 2025 $88/$98 call spreads for $3.60
9/16/24 Target (TGT) buyer 500 January 2026 $180 calls for $11
9/16/24 Pepsi (PEP) 400 April 170 puts sold to open 5.92
9/16/24 ON Holding (ONON) large buyers of 1000 Jan 2026 $52.50 calls at $10.20 as some Jan $42.50 calls start to adjust
9/16/24 Wingstop (WING) with 1000 Dec $450 calls sell to open $19.30 to $19.80
9/16/24 AppLovin (APP) 540 November $115 puts sell to open for 10.50 bid
9/16/24 Disney (DIS) 1075 Oct 4th (W) $90 calls bought $2.99 to $3.05
9/16/24 Spotify (SPOT) opening sales of 300 January $310 puts at $15.80
9/16/24 Upstart (UPST) 3850 December $37.50 calls being bought $5.15 to $5.35
9/16/24 MicroStrategy (MSTR) buyer of 1000 December $125 ITM calls at $31.25, over $3M
9/16/24 Visa (V) large buyer of 1130 February $280/$250 put spreads for $6.46
9/16/24 Novo Nordisk (NVO) buyer 1000 Oct 4th (W) $140 calls $3.23 adjusting some Sep. calls
9/16/24 Vertex Pharma (VRTX) seeing nearly 200 Dec 2026 $490 calls bought for over $2M
9/16/24 Exact Sciences (EXAS) seeing 1100 Nov $80 calls buy at $2.50
9/16/24 Applied Materials (AMAT) with 425 Dec 2206 $190 calls buying at $45.50 to $47
9/16/24 Oracle (ORCL) size buy 2000 Nov $170 calls $5.25 to $5.60
9/16/24 Oracle (ORCL) also 2875 Nov $180 calls bought $3.05 as major bull flow continues
9/16/24 Oracle (ORCL) also buyers of 5000 Nov $200 calls at $0.89 to $1
9/16/24 Palantir (PLTR) 6500 November $48 calls sold to open $0.48
9/16/24 Palantir (PLTR) opening sale of 1250 Sept $36.50 puts at $0.93
9/16/24 Broadcom (AVGO) buyer 500 Dec 2026 $165 calls $39.70
9/16/24 Meta (META) 1869 Nov 1st (W) $450 puts sell to open 6.59
9/16/24 Meta (META) also size buys 3500 Oct 4th (W) $550 calls $6.40 to $7.40
9/16/24 Micron (MU) 1675 March $100 calls bought 8.85 to 9.05
9/16/24 Taiwan Semi (TSM) 2500 November $180 calls bought $7.45
9/16/24 Smartsheet (SMAR) seeing 2400 February $60/$50 bull risk reversals open
9/16/24 NextEra Energy (NEE) 500 January $85 puts sell to open for $5.10
9/16/24 Vistra (VST) sweep buyers 500 Nov $92.50 calls 5.60 to 5.80 offers
9/16/24 AST SpaceMobile (ASTS) sees buyers of 3000 Sept 27th $32 calls $1.40 to $1.70

CorMedix (CRMD) shares are +82% in 2024 trading to the highest level since 2022 with a big flag breakout this week following unusual opening buys of 7500 ITM March $3 calls, a current position valued at $3M.

CRMD is a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of life-threatening diseases and conditions. Its primary focus is on the commercialization of our lead product, DefenCath® in the United States. DefenCath is an antimicrobial catheter lock solution indicated to reduce the incidence of catheter-related bloodstream infections in adult patients with kidney failure receiving chronic hemodialysis through a central venous catheter. It is indicated for use in a limited and specific population of patients. CRBSIs can lead to treatment delays and increased costs to the healthcare system when they occur due to hospitalizations, need for IV antibiotic treatment, long-term anticoagulation therapy, removal/replacement of the CVC, related treatment costs, as well as increased mortality.

DefenCath is the first and only FDA-approved antimicrobial CLS in the U.S. and was shown to reduce the risk of CRBSI by up to 71% in a Phase 3 clinical study. On January 25, 2024, CMS determined that DefenCath should be classified as a renal dialysis service that is subject to the Medicare end-stage renal disease prospective payment system.

The total annual cost for treating CRBSI episodes and their related complications in the U.S. is up to $2.3 billion, with approximately 250,000 CRBSI episodes per year (Becker’s Hospital Review). According to the 2022 United States Renal Disease System, reporting data from 2020, there were nearly 808,000 End-Stage-Renal-Disease, or ESRD, patients on permanent hemodialysis in the U.S. Of these, nearly 108,000 hemodialysis patients were new patients diagnosed with ESRD during the year they were receiving dialysis through a CVC.

CRMD has a market cap of $383M and trades 8.4X Cash with revenue estimates for FY28 at $340M, putting shares just over 1X FY28 sales. Short interest is high at 18.5% of the float. CRMD earlier this week entered a multi-year commercial supply contract for the supply of DefenCathto its facilities in the US. CorMedix commenced the inpatient launch of DefenCath on April 15 and commenced the outpatient launch during the first week of July. CRMD expects inpatient sales to begin to ramp in the fourth quarter as DefenCath is reviewed, added to formulary and adopted into hospital workflows for patient use.

Defencath has the potential to become the standard of care across dialysis procedures and CRMD will have outpatient results showing up starting in Q3 results. Medicare Advantage, comprising an additional 45% of ESRD patients, remains an opportunity for growth and expansion for the DefenCath reimbursement and would be a major stock catalyst if accepted.

CRMD is also starting patient enrollment in the first quarter of 2025 for adult Total Parenteral Nutrition, or TPN, and there emains a significant unmet medical need in this patient population, with up to 26% of TPN patients having a catheter-related infection, and those patients having increased morbidity and mortality rates. Market research estimates that the addressable market opportunity in TPN is approximately 4.7 million TPN infusions per year. The company’s goal is to obtain FDA approval for an expanded use of our taurolidine and heparin catheter lock solution in TPN in the 2027 to 2028 timeframe and estimates annual peak sales potential in this indication to be in the range of $150 million to $200 million, incrementally beyond hemodialysis.