This remains a very tactical tape with lots of tricky action across the board.

Today's jobs report was bought, and many individual names reclaimed yesterday's lows.

However, this market does not feel like it's out of the woods, even though things are oversold with the Oscillator at -66.

There's still a big debate over rates (how high they can go, how long they will stay high).

Plus we've seen some big shakeups in the banks, as I'm sure you've seen the SVB Financial (SIVB) story. JP Morgan's (JPM) been a source of worry but it's coming back strong today.

Overall, this remains a very hard tape for swing longs.

We closed out Tesla (TSLA) from Power Plays for a loss Wednesday, and it's down another $6 or so since then.

In this tape, it's easy to see a paper cut turn into a gusher.

SPY is around $390ish as I write this. And I have a hard time seeing it getting over $396ish, so it feels like overall upside is pretty limited.

I'll be heading into the close with very light long exposure because this tape is hard to trust.

Remember, our number-one objective is to stay out of trouble as best we can.

So we'll be extra careful when looking at new ideas.

Just yesterday I almost put on Apple (AAPL), and it would have already been down $4.

Be safe out there in the market, and enjoy your weekend!

-Scott