I wanted to chime in with a quick update on the market because of the recent chaos.

On Friday, I told you that "overall upside is pretty limited" and that "this tape is hard to trust."

And of course, this week is turning out to be very tricky as the banking troubles keep spreading, with Credit Suisse (CS) the latest name coming under fire. And who knows what we're about to see through the end of this week?

This is a very volatile market where things can feel good one day, but then there is headline risk the next.

So this is a time when it pays to keep names on a short leash.

Just yesterday, people were talking about JP Morgan (JPM) being the "safe" bank and now it's down over $6 from there.

And in fact, if JPM can't hold the $127 to $129 area, the bear will get loud.

So put that on your radar and be ready.

Of course, this volatility is why I haven't been rushing to get new names on the books.

If things are pointing down, most long positions suffer, even if you get the best-of-the-best names.

Things have to be managed hour to hour in most cases, and there just aren't many good-looking charts out in the wild.

We can't buy things just to buy.

Be careful out there.

-Scott