The analyst reviews SPY, noting a rebound from 633-634 levels but expects Nvidia's earnings disappointment to impact Tech. He suggests caution for names like Robinhood and highlights several stocks such as CEG and XEL that may provide returns in defensive positions and identifies a 7% pullback in META for an opportunity to increase stake. He highlights a top down approach, which also considers the Macro environment and compares Consumer Staples to Consumer Discretionary products.