PepsiCo Stock (PEP)

I am further reducing consumer staples exposure on the strong move today and over the last week — $PEP, $PG, $KMB and $KO. These stocks have been reasonably good performers and stalwarts in a backdrop of volatility. The recent advance has reduced the reward vs. risk. Position: Long PEP (VS), PG (VS), KMB (VS), KO …

Selling more ($PEP) on the premarket gap (now +$7 in the last week). Position: Long PEP VS

* TGIF! With three hours left in the trading week, markets seem to meandering (though they have recovered about half of yesterday’s decline. Breadth is uninspiring and so is the volume low. The indices full of sound and fury — gapped higher, retreated, advanced and are stable now. The algos seem quiet with some strength …

I moved to very small on PepsiCo ($PEP) after the run of the last few days. I am a buyer at $138 or lower. Position: Long PEP (VS)

I have reduced my $PEP position from medium-sized to small-sized after the nice run of the last week or so. I plan to be a buyer on weakness. Position: Long PEP (S)