On Wednesday, I send an update warning of the predatory action, and the market has just kept on deteriorating.

I almost added two new ideas (AAPL & META) on Tuesday, but pulled them at the last minute. And they've both been hit.

The market went from looking past hot inflation numbers to worrying about them, and that's creating selling pressure.

Remember, we came a long way off the January 6 low because there were hopes inflation was peaking.

That hasn't happened yet, plus Fed officials are staying on the hawkish side. Plus yields and the US dollar have been on the side.

That makes this a very tough environment for swing longs.

I expect SPY to test the $397.50-$400.50 area or even lower, so there's no need to rush into anything new.

You can even see on my disclosure below that I have downside exposure through:

• A short position in SPY
• A short position in SPY calls
• A long position in SPY puts

For now, let's go over our remaining name:

Occidental Petroleum (OXY): OXY was looking a little shaky last week, and I decided to lower the danger zone to the $58 to $59 area. But it's acting much better this week with energy starting to lead the market. Word is that Buffett is a buyer around the $60 area so the risk-reward still looks good.

Enjoy your weekend!

And stay tuned for more updates next week.

-Scott