I wanted to chime in with a quick market update.

Right now, we are in a bit of a no man's land.

The SPY has been giving us a bit of two-way action. We had a strong open and then a fade -- which we also saw in Power Plays names like Alibaba (BABA) and DoorDash (DASH).

SPY is right around $575 right now. And short-term, there could be room up to the $580 to $585 area before macro sellers come back in.

It would not be the worst thing in the world for us to get some near-term digestion, because a strong base could mean more ammo for a potential breakout.

And that's what I'm expecting.

I'm short some SPY calls as a hedge, so I would not at all mind some sideways action here.

And I'm taking trades fast because it's so hard for anything to get meaningful upside traction.

Plus we have some important economic data this week like GDP Thursday and PCE on Friday.

Remember, cash is a position and having some dry powder is a smart thing.

-Scott