Stephen Weiss, Founder, Short Hills Capital Partners

Today, stocks are testing the June 16 low Buying stocks now is like running into a burning house and hoping the fire department saves you before you turn into barbecue. Manage risk and protect capital. He doesn't see a 10% bounce coming for months. He's shorting Europe; the UK is cutting taxes! He's net short. He remains bearish.

He's shorting the Nasdaq. He's bearish. As long the US dollar keeps going up.

He's still bearish. He's love to bullish and make lots of money, but he's bearish based on the facts. The Fed's job is to slow the economy. Also, there are down earnings. Consumer discretionary spending is down.

This shorts the QQQ ETF. He sold it Monday and regrets it. However, he has also sold QQQ. The idea here is to stay solvent and manage risk. He didn't want to bet on the inflation number Tuesday, because there's no way to predict it. Make money where you can make money and don't lose a lot of money.

He bought it on Monday and sadly not Tuesday in the market rout. He likes natural gas's supply/demand. Trade this leading up the winter and not during.

Nvidia remains expensive. [bad audio] They don't deserve a multiple that's twice the market.

The CEO is phenomenal for reviving the company.

The CEO has not lived up to expectations.

Trades at half the valuation of GM and Ford, yet much further along in EVs.

He's never seen a market down nearly 3% because it expected something. A lot didn't expect such a hawkish statement. There's been free money around the world for a long period like an addiction. There has been some delusional thinking. The market got to 18x--expensive at any time.

Now the market is a tradable bounce, though he's bearish. He was playing momentum by buying Boeing and Delta which has worked out okay, though not great. He sold them.

Now the market is a tradable bounce, though he's bearish. He was playing momentum by buying Boeing and Delta which has worked out okay, though not great. He sold them.

He re-entered Porsche because they guided positively for this year, and it is a luxury brand so it's not impacted by consumer weakness. He's cut back his Target shares a lot, because next week will be important, not for market earnings, but what the Fed will say. He missed the bounce last week, but has caught part of the bounce this past week. Everything is short-term in this market; he's not predicting a bigger bounce ahead.

He predicts Apple will miss its next quarter. A coin flip, though. Weak consumer confidence may see a decline in buying Apple's expensive products. If you own Apple, sell some covered calls. If not, buy puts which are pretty cheap. They expire next week, so you can them before Apple's next quarter.

Ad spending is a leading indicator of the wider economy and it is weakening. Snap (and Twitter) is a small player, so not a good indicator of the wider economy.