Uber (UBER) has been acting great, but this market has shown us time and time again that it is prudent to take gains into strength. So let's take off 1/3 of UBER off for Power Plays here. The chart looks good but I want to play things a little bit safe.

Look at our recent winner Occidental Petroleum (OXY). It shot all the way up to $77.13 and then it broke $65 less than two weeks later. We're seeing round trips like that all the time in 2022, and I doubt that changes any time soon.

The market's had a pretty nice bounce from extreme oversold levels. And we had a very positive reaction to yesterday's ECB rate hike, which pushed down the USD. That is constructive for equities.

I have been trimming my own holdings today, including selling my $QQQ long from earlier in the week.

SPY has very big resistance at $405 to $406, so I believe it makes sense to be a little careful in the near term.

A little digestion would be nice here, because that could open up the opportunity to add some new names to our plate.

Let's go over our existing ones:

Uber (UBER): Like I said, UBER looks good and could be a real leader in the near-term if the market stays firm. There could be more upside from here, but taking a little off makes sense just because of how many stocks give back gains after popping.

Pinterest (PINS): PINS has been outperforming and is surging today. It could see the $26 to $27 area in short order - maybe as early as next week. That's where I'd think about trimming, but I would not be surprised to see it be the #1 performing social media name into year-end.

Global X Uranium ETF (URA): the news flow regarding nuclear energy has been positive as of late given all the power shortages we are seeing worldwide, which is keeping some reactors online longer-than-anticipated. URA can be a little streaky, making fast gains before pulling back. But it could be one of the best ETFs into year-end. So I still like it.

Have a great weekend!

-Scott