Topics covered:
1) 0:00 Announcements
2) 0:15 Market Commentary and Index Review (Nasdaq Composite, S&P 500, and Russell 2000)
3) 12:00 RELATIVE STRENGTH LIST: NFLX, PLTR, SFM, UBER, GH, CRWD, SPOT, RKLB, VRTX
4) 17:10 Stock Review – Aerospace/Defense: SHLD (ETF), HWM, KTOS, MRCY, DRS, GE
5) 18:00 Stock Review – Biotech/Medical: WGS, GRAL, RYTM, ADMA, TGTX, SWTX, TARS, MRUS, EYPT
6) 21:40 Stock Review – Others/General Ideas/Commentary: RBRK, FTNT, PANW, NGVC, DPZ, MNST, MELI, TEM, BYDDF, GEO, GEV, LLY, AXON, MSTR, IBIT
7) 25:25 Conclusion/Summary

Market Summary:
Current POSITIVES in the market: 1) We had a follow through day (FTD) on Tuesday, April 22, and a second FTD on Wednesday, April 23. In addition, we had various breadth thrusts recently (including a Zweig Breath Thrust) and I reviewed them in last weekend’s video. 2) The price action in some growth stocks continues to improve. The relative strength names highlighted in recent videos continue to act well. 3) Sentiment remains skeptical. I’m curious to see the NAAIM number tomorrow, as it’s been a fairly decent indicator lately (from a contrarian point of view). Current NEGATIVES: 1) The major indexes are still below their 50 and 200-day moving averages, but this could change depending on the reaction to some of the Mag 7 earnings this week. 2) There is still headline risk/uncertainty which leads to higher volatility, but I’ve noticed a more muted reaction to headlines over the past 3-5 trading days.

CONCLUSION: For me, I am approximately 60% invested. I’m still not sure if this is a short covering rally back to the 50-day/200-day that will eventually fail, or if this is the start of a new powertrend. By staying 60%, if the market moves higher, I will hopefully participate, and if we see more downside, I will hopefully be able to contain the volatility with the 40% cash position. In this video, one thing I mention that I like this week is how Monday an Wednesday were down, but rallied back to even/positive. This is a subtle, positive character change, and I hope it continues as the overall market health is slowly improving. As always, I encourage members know your own timeframe, know your risk tolerance, and stick to your overall investment objectives. Thank you and good luck for the remainder of the week.

Unusual Options Activity:
4/30/25 Nasdaq 100 ETF (QQQ) 2000 May $468 calls bought $11.88 into morning weakness
4/30/25 Nasdaq 100 ETF (QQQ) large buyer of 2500 Dec 2026 $570 calls for $27.38, nearly $7M
4/30/25 Oil & Gas ETF (XOP) 7500 May $116 calls bought $1.80 to $1.89 into morning weakness
4/30/25 Bitcoin ETF (IBIT) 3000 June 30th (W) $65 calls bought $1.30
4/30/25 Bitcoin ETF (IBIT) seeing 5000 August $85 calls sold to open
4/30/25 Bitcoin ETF (IBIT) also buyers of 1100 July 31st $55 calls at $5.25
4/30/25 Gold ETF (GLD) 1350 Sept $309 calls sold to open 13.95
4/30/25 Oddity (ODD) strong earnings report and sees buyers of 350 Jan 2027 $70 calls at $10.50 offers
4/30/25 Sprouts (SFM) 1000 May $145 puts sell to open 1.95
4/30/25 Tesla (TSLA) buyers of 1800 July $385 calls at $6.70 offers
4/30/25 Netflix (NFLX) 420 July $1170 calls bought for $2.6M
4/30/25 Uber (UBER) 840 Oct $90 calls bought $5.55
4/30/25 Coinbase (COIN) 1000 July $180 puts sell to open $14.05 to $13.95
4/30/25 Visa (V) 475 July $345 calls buying up to $14.15
4/30/25 JP Morgan (JPM) opening sale of 950 August $220 puts for $6.95 bids
4/30/25 Vertex Pharma (VRTX) more June 2027 call buying with 800 of the $500 calls looking to add to yesterday buys
4/30/25 Amgen (AMGN) buyer of 450 July $280 ITM calls for $21.30 into earnings tomorrow night
4/30/25 Nvidia (NVDA) another 3350 June 2027 $110 calls bought for $10M
4/30/25 Oracle (ORCL) 3055 June $110 puts sold $1.90
4/30/25 Microsoft (MSFT) with 2000 Jan 2027 $450 calls bought at $37.50
4/30/25 Palantir (PLTR) 1500 Nov $180 calls bought $9.65 offers
4/30/25 Palantir (PLTR) also buyers of 3300 June $160 calls at $3.30 late day
4/30/25 Meta (META) 550 Sept $540 calls bought for $3.2M
4/30/25 Constellation Energy (CEG) 750 August $180 puts sold to open $10 to $9.90
4/30/25 Vistra (VST) massive opening seller of 11,500 Jan 2027 $110 puts at $24.26, over $27.5M
4/30/25 Vistra (VST) also 2500 Jan $110 puts sell to open $15.11
4/29/25 S&P 500 ETF (SPY) large stock replacement sold to open 1500 Jan 2027 $465 puts at $21.85
4/29/25 Dow Jones ETF (DIA) large opening sellers of 4500 March 31st 2026 $405 puts at $23.35, $10M
4/29/25 Russell 2000 ETF (IWM) large spread opens 7200 June $208/$195 bull risk reversals at $5.65 credit
4/29/25 Bitcoin ETF (IBIT) opening seller of 1000 June 6th $59.50 ITM puts at $6.80
4/29/25 Ark Genomics ETF (ARKG) 2000 June $23 puts sold to open 2.04
4/29/25 Costco (COST) seeing 2100 Oct $840 puts sell at $21.10 bids
4/29/25 Spotify (SPOT) 800 June $460 puts sell to open $6.84
4/29/25 Expand Energy (EXE) block 2000 Sept $110 calls sold to open 6.85
4/29/25 Coinbase (COIN) large lots buying 2400 Jan $290 calls at $23.58 to $23.65
4/29/25 Citigroup (C) large buyers of 10,000 July $77.50 calls at $1.05
4/29/25 Goldman Sachs (GS) opening sale 600 June $565 calls at $18.40
4/29/25 Vertex Pharma (VRTX) buyer 1000 June 2027 $500 calls $125
4/29/25 GeneDX Holdings (WGS) spread bought 800 weekly $112 puts $10.80 and sold 800 June $85 puts $5 into earnings
4/29/25 Eli Lilly (LLY) buyer 200 August $880 calls $82.10
4/29/25 GE Vernova (GEV) seeing 1800 June $400/$460 call spreads buy as May calls adjust
4/29/25 Meta (META) early buys 2000 Sept $700 calls $12.95 to $13.10
4/29/25 Amazon (AMZN) buyer 2000 May 30th (W) $205/$220 call spreads into earnings
4/29/25 Coherent (COHR) opening sale 1000 May 9th (W) $64 puts $4.10
4/29/25 Nvidia (NVDA) joining the June 2027 call buy action as 3000 of the $110 calls open nearly $10M order
4/29/25 Arm Holdings (ARM) another 2475 June 2027 $115 calls look to be buying at $41
4/29/25 Reddit (RDDT) 1000 July $95 puts sold to open $5.80
4/29/25 Vistra (VST) 2400 June $135 calls bought $10.20 as 115 strikes rolls higher
4/28/25 S&P 500 ETF (SPY) buyers 7500 Dec 2026 $750 calls $3.15
4/28/25 Discretionary ETF (XLY) buyers of 1500 May $207.50 calls at $1.60 to $1.85
4/28/25 Bitcoin ETF (IBIT) large lots buying 5200 August $70 calls at $2.13 to $2.15
4/28/25 Bitcoin ETF (IBIT) also buyer of 5000 Jan 2027 $40 deep ITM calls for $23.65 offers, over $11M
4/28/25 Gold Miners (GDX) with 4000 Dec $48 puts sold to open for $4.45
4/28/25 Tesla (TSLA) 3000 June $395 calls sell to open 5.10
4/28/25 Target (TGT) 2250 March $125 calls sell to open 4.90
4/28/25 Anheuser (BUD) opening sale 550 Dec 62.50 puts $3.60
4/28/25 TJX Cos (TJX) 600 Oct $120 puts sold to open $5.50
4/28/25 DraftKings (DKNG) 1000 June 2026 $30 puts sold to open for $5.10
4/28/25 Netflix (NFLX) 550 July $1180 calls being bought up to $52.10
4/28/25 Tempus AI (TEM) sees 2250 May $55 calls buy at $5.70
4/28/25 Tempus AI (TEM) also 750 Jan 2027 $50 puts sold to open $19.15
4/28/25 Merus (MRUS) large opening sale of 2000 Sept $45 puts for $6.50
4/28/25 Eyepoint Pharma (EYPT) large opening sellers of 9750 July $7.50 ITM puts for $1.35 to $1.30
4/28/25 Travere Therapeutics (TVTX) seeing late day buyers 10,000 June $20 calls $1.80 to $2.20 a
4/28/25 Vertiv (VRT) 8000 Sept $70 short puts open $5.80 to $5.75
4/28/25 Crane (CR) buyer 1000 June $155 calls as $145 strike adjusts higher
4/28/25 Meta (META) buyers of 1200 May $565 calls at $22.75 to $23
4/28/25 Meta (META) buyers of 3300 May 9th $660 calls at $2.35 to $2.45
4/28/25 Apple (AAPL) opening sales of 600 August $175 ITM calls at $41.55 bids
4/28/25 Nasdaq 100 ETF (QQQ) 6500 May $466 puts sell to open at $8.36 and buys the May $490 calls at $4.65 in bull risk reversals at net credit

Merus (MRUS) with a very notable trade on 4/28 as 2000 September $45 at-the-money puts sold to open for $6.50 as a name lacking notable open interest but did see 1100 January $50 calls buy at $5 on 4/1 and on 4/8 the January $45 calls bought 1100X aggressively $6.50 to $7. MRUS is working back inside monthly value this week and shares +7.7% YTD have held up well with recent lows coming right at the rising 200-week EMA and weekly RSI moving back above 50 while MACD signal back to bull mode as a weekly falling wedge pattern forms. MRUS does have 10.7% of its float short but has fallen from 14% at the start of the year.

Merus N.V., a clinical-stage immuno-oncology company, engages in the development of antibody therapeutics which includes BIZENGRI for the treatment of patients with pancreatic adenocarcinoma or non-small cell lung cancer (NSCLC) and non Neuregulin 1. The company is also developing MCLA-158 for the treatment of solid tumors; MCLA-129 for the treatment of patients with lungs and other solid tumors; ONO-4685 to treat relapsed/refractory T cell lymphoma; and INCA33890 for advanced solid tumors. In addition, it has collaboration agreement with Eli Lilly and Company, Ono Pharmaceutical Co., Ltd., and Betta Pharmaceuticals Co. Ltd. Merus emphasizes the advantages of its multi-specific antibody platform, highlighting its similarity to monoclonal antibody development, which allows for established manufacturing processes, predictable in vivo behavior, and low immunogenicity

MRUS has a $3.1B market cap and trades 5.8X Cash with some forecasts for $215M in Revenues for FY27. MRUS makes a lot of sense as a M&A target given its pipeline in an area of need for Oncology. MRUS is exploring the potential of petosemtamab in colorectal cancer, with initial clinical data expected in the second half of the year. In the first-line setting for head and neck cancer, petosemtamab is competing with zanzalintinib from Exelixis and ivonescimab from Akeso-Summit. In the HPV-negative subset, ficerafusp (Bicara’s BCA-101) is a competitor. Both Phase 3 trials in head and neck cancer are expected to be substantially enrolled by the end of this year. The company is considering HPV-positive and HPV-negative populations in its clinical development plans, with discussions with regulatory authorities focusing on the entire patient population. Petosemtamab monotherapy in second-line recurrent/metastatic head and neck cancer showed a 36% overall response rate (ORR) in 75 patients, with a median duration of response of 6.2 months and overall survival of around 11.5 months.

Piper views the company’s EGFRxLGR5 bispecific, petosemtamab, as significantly de-risked as both a monotherapy in second-line head and neck squamous cell carcinoma and in combination with pembrolizumab in first-line head and neck squamous cell carcinoma cells that express the PD-L1 protein. Piper expects additional Phase II data on the combo in 2025 to de-risk the Phase III LiGeR-HN1 study. It believes petosemtamab is positioned to generate $3B-plus in risk-adjusted revenues by 2035 in head and neck squamous cell carcinoma alone. Wells Fargo thinks petosemtamab could disrupt treatment in second-line head and neck squamous cell carcinoma and says first-line data should further de-risk it in earlier lines, with a larger market opportunity. Petosemtamab’s mechanism of action in metastatic colorectal cancer remains underappreciated, creating a favorable risk/reward into the Phase 2 data readouts. Goldman also at Buy with a $73 target sees best-in-class potential in a large market noting the next key Phase 2 update could unlock a lot of value.

EyePoint (EYPT) notable trade on 4/28 as 9750 July $7.50 ITM puts sold to open for $1.30 with shares -9% YTD and trading down 75% from 2024 highs. EYPT has a high short float at 15.9% of the float rising steadily but the ITM put sales are a bullish indication through July. EyePoint has its own long-acting implant for wet AMD in pivotal development, Duravyu, which demonstrated positive efficacy and safety in a robust Phase 2 trial. EYPT has ongoing Phase 3 trials that are rapidly enrolling, as it aims to address the significant unmet need in these large ophthalmic markets by potentially reducing treatment burden for patients.

The wet AMD market is a $15 billion+ market, with two-thirds of the revenue attributed to wet AMD. Despite the success of anti-VEGF monoclonal antibodies, there remains an unmet need in terms of treatment burden for patients.

EYPT has a market cap of $466M and trades 1.25X Cash with enough cash to fund operations into 2027. EyePoint is exploring the potential anti-fibrotic and neuroprotective effects of its product DURAVYU, which could differentiate it from the current anti-VEGF treatments. EyePoint expects to complete enrollment in the two identical Phase 3 wet AMD trials in the second half of 2025. EyePoint plans to meet with the FDA at the end of Q2 2025 to discuss the next steps for the DME program, with the first patient in the initial DME trial expected in 2026. In the wet AMD trials, the primary endpoint is non-inferiority in change in visual acuity at weeks 52 and 56 compared to the control arm receiving EYLEA. EyePoint is also tracking metrics like reduction in treatment burden, percentage of patients supplemental injection-free at 6 months, and potential anti-fibrotic and neuroprotective effects of DURAVYU.

Citi initiated shares at Buy with a $33 target in January expecting EYPT and its competitor Ocular (OCUL) to capture meaningful share in wet age-related macular degeneration, but also expects one player to eventually dominate with checks skewing to EYPT winning share. Citi says EYPT can conservatively take 40% peak share in wet AMD, which should drive a multi-billion U.S. opportunity.