Needless to say, this is a tough tape.

So I wanted to reach out with a quick update.

We do have a decent chance of a relief rally over the next couple of days, but I'm proceeding very carefully.

And as you can see in my disclosures below, I'm heavily weighted in options so I can keep my risk defined.

The most likely upside catalyst is a light CPI print tomorrow morning, though of course, there are no guarantees.

Cash is a position.

You do not have to be a hero.

I have some things on the radar, but I'm not looking to get aggressive with new longs.

Alibaba (BABA) is our lone Power Play, and for now it still looks very good since China is so strong.

So keep that on your radar if you are looking for ideas.

And I'll repeat something I tell Power Plays subscribers every so often.

There are times when I'll fire out 2-3 new ideas per week (even when my editor tells me it's supposed to be one!)

This is not one of those times.

There is nothing worse than a steady stream of new ideas when the market acts like garbage.

I have several names on the radar, and if something looks right, you'll get an alert.

In the meantime, stay safe out there.

-Scott