The market is closing the week in a sort of "no man's land."

The in-line jobs report was what the market needed to keep things steady and prevent a downdraft below SPY $570.

At the same time, the overall action remains bearish as the market keeps getting rejected at the 8 day.

That means we need to be extra careful in selecting names.

Now, I know I didn't reveal any new ideas this week. But if you look at the charts, just about nothing would have worked unless we magically timed a bottom, and sold very fast.

I'd rather have you do nothing than have you lose money.

From a more macro perspective, the SPY is just 5% off the highs.

Historically, the average pullback is about 13%. And I think we'll see at least one like that this year, with the potential for SPY to see $542 or $528.

Remember, we're coming off a 25% gain in 2024 and a 26% gain in 2023, without much volatility along the way.

So chasing strength is not easy, because there's always the risk of a sudden decline that catches longs off sides.

As I'm writing this, SPY broke the key $570 level, so I'm closely watching to see if that gets reclaimed.

Because that's an extremely important decision point for the market.

Next week will be interesting with the CPI report hitting on Wednesday, and we'll be on guard for new opportunities.

Let's go our remaining names

GME 4/17 $36 Calls: I added this on the potential for positive news like a move into crypto that could send the stock higher. The chart is not looking great for now, so we may have to just exit and salvage it. I'll let you know if/when we make that decision.

MSOS 6/20 $4 Calls: this ETF can be super tricky to trade, but tends to have violent rallies a few times a year. It had a brief rally this week on hopes for positive legislation, but we have until expiration in June for a move to unfold.

Have a great weekend! You earned it...

-Scott