Procter & Gamble Stock (PG)

* We have previously sold all four of these consumer-based stocks at much higher levels * What to do now? Walt Disney ($DIS) continues to disappoint (-$3 today) — fundamentally and in the stock market. For the numerous reasons I have mentioned in the past, I would not own the stock until the low $90s. …

I covered some $JOET at $44.97 and $GRNY at $27.32. I’m also adding to $MSOS long and bidding for consumer staples (under the market) — $PEP, $PG, $KMB. Position: Long MSOS common (VL) and calls (S), PEP (S), PG (S), KMB (S); Short JOET (VS), GRNY (VS).

* Market breadth has improved. * The Russell is crowing relative to the senior averages. * Bonds can’t rally. * Financials can’t hold their gains. * Many large-cap tech stocks continue to show signs of rolling over. * It is all $NVDA, all the time. * On the other hand, consumer non-durables ($KO, $PEP, $PG, …

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 …

* 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 …