What a week!

Aside from the macro/economic backdrop, the big story today is Snap (SNAP).

It's down almost 30% this morning and that's putting major pressure on the social/online advertising names like Meta (META), Google (GOOGL), and Pinterest (PINS).

That shows us how much risk there is with individual stocks.

And next week, we will be seeing a ton of earnings reports including:

• Tuesday: GE, UPS, MMM, MSFT, GOOGL, TWTR
• Wednesday: BA, META, F
• Thursday: CAT, SHOP, AAPL, AMZN, PINS
• Friday: XOM, CVX

So the gyrations will keep coming, and we'll be very cautious when introducing new names. This is not the time for brute force. We must be surgical.

For now, keep a close on TLT and UUP. If you're active, they should be on your screens daily.

We want TLT up and UUP down because that's what will help the computers slow the selling.

Now let's go over our remaining names:

JP Morgan (JPM): I'm going to adjust the danger zone on this to the $110 to $110.50 area, from $109 to $110 previously. The banks have been acting well and could be leaders near-term, so I'm sticking with JPM here. I just want to be tighter with risk management.

SPY: I'm also tightening up SPY. Now I'm looking for it to hold $362 to $363. We took a small gain on the first half, and I want to be more careful moving forward. The biggest challenge with this market is that nothing sticks. You can sell half of something for a profit, and then you almost always get hit on the trailer. So let's be extra careful with SPY.

Have a good weekend. You earned it.

-Scott