Closing PINS & SNAP, Weekly Update
October 14, 2022
By Scott Redler
This market remains very tough, and I'm continuing to tell people it's time to have risk down and have more cash.
In fact, as you can see in my positions disclosure below, I have very little long exposure on heading into the weekend.
And with that in mind, I'm going to close out Pinterest (PINS) and Snap (SNAP) from Power Plays.
The market is flashing us a bit of a warning sign and I don't want these to turn into major losses.
Yesterday, the market rallied hard after the hot CPI report, which had many thinking we were washed out.
Then today, JP Morgan (JPM) had better-than-expected earnings, but that wasn't enough to rally the market. In fact all the banks that reported today fell.
So the market peaked before the open today, and the opening 30-minute low failed to hold.
And as I'm writing this, SPY is right around the $360 area, which is where the danger zone starts.
My most important job is to keep you out of trouble. That means I'm not going to throw ideas at you just for the sake of it.
So I'm going to continue to urge caution in this market. We are going to take long plays very selectively.
Enjoy your weekend because I think we're in for some volatile action for the time being.
Scott Redler Positions Disclosure