The environment is a mess right now.

As I've been telling you for weeks, I did not believe the 2025 lows are in just yet, which is why I've been very cautious.

The tariff situation is undoubtedly negative all around for now.

The bulls' hope was that President Trump would come out swinging hard, and then there would be a quick compromise.

Instead, China retaliated with a heavy 34% tariff on US exports, and that's put global equity markets in meltdown mode.

I did add some long exposure this morning via AMZN, DASH, QQQ, and SPY calls because we could see an oversold bounce. But I'm keeping those very tight. I'm fully prepared to stop out if key levels like opening lows and premarket lows break.

For now, let's stay patient and be very selective in looking for opportunities.

Now let's talk about our current names.

iShares Bitcoin Trust ETF (IBIT): Bitcoin is holding up far better than most assets in this environment, so it may be decoupling from equities -- which is definitely a good thing. It may actually prove to be a "store of value" rather than just another speculative risk asset.

Alibaba (BABA) looked fantastic for a while but it's been hit super hard on the China news. I should have exited higher, but further downside may be limited. If you want to play this in a more risk-defined way, you could look at $125 May 9 calls.

AST SpaceMobile (ASTS) has been roughed up as have most speculative growth names. But like BABA, downside is probably limited from here so I'm going to let it ride for now.

Stay safe out there. Know your time frame and what you can handle. There is no need to be a hero right now.

-Scott