After 5 straight weeks up, the market finally took a breather this week with SPY, QQQ, DIA, and IWM all selling off.

They're all still up on the month, but I'd be on guard for a trend change just in case.

Many leaders like Nvidia (NVDA) and Tesla (TSLA) are selling off and it looks like traders are getting trapped.

Powell indicated that we are going to have higher rates for longer than many expected, which could be tough for the regional banks. I've owned puts on KRE which has helped my P&L. I've also been short SPY and QQQ calls which has helped offset some of my weaker long positions.

So overall, I've been taking risk down, which is why I didn't add any Power Plays this week.

I never want to throw ideas around to just do something especially when we could be in for some near-term downside.

Now let's go over our names:

Apple (AAPL): It got sold on the big WWDC event two weeks ago but grinded up nicely after. In fact, it hit a new all-time high right at the close on Thursday. This monster could be ready for a rest but if it goes green today, the bears better watch out.

XBI: biotech's been more sluggish than I'd like as of late so I'm glad I took off half for Power Plays. However, this could still be the beneficiary of a rotation from tech so I'll stick with it for now.

Boeing (BA): This stock took a hit this week on supply chain issues, so I'm glad we took off half for Power Plays last Friday. This one has been tough and I'll look to keep it on a short leash.

Have a great weekend! 

-Scott