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Delegates from OPEC and Russia decided last week that they will not make any decisions regarding a possible extension of oil production cuts until January. Some people expect oil production to beginning rising again in March 2018. Conversely, Iraq and Ecuador are leaning toward further production cuts.

Last week’s action still improves the market picture a bit, but yesterday’s panic shows we’re not out of the woods yet. I’m making one portfolio change today.

Here’s an update on a few of our stocks.

Here’s an update on the stock which rating has been upped to BUY.

Here’s the update on one of our stocks. The company’s earnings outlook changed after I recommended it.

Put a little money back to work. Our trend-following indicators are still bullish, and we’ve seen the Nasdaq and growth stocks show renewed strength in recent days. The market isn’t completely out of the woods, but there’s enough evidence to do a little new buying.

We seem to be experiencing a more active stock market than that of a typical summer. The adage “sell in May and go away” hasn’t seemed to fit in 2017. There’s been lots of price action among oil refiners and marketers, food retailers, steel, technology and investment companies.

The iShares EM Fund has been trading mostly sideways since the middle of May, and that has kept the Emerging Markets Timer above its moving averages, but just barely. We have two portfolio moves tonight.

Just in case any of my subscribers wants to invest in energy companies, but feel bad that perhaps those companies are cheating America, there are three things I’d like to point out about ExxonMobil (XOM).

Crista comments on Goldman Sachs’ and Bank of America’s strong second quarter earnings beats this morning, plus provides an earnings report calendar for our stocks through July.

It’s been a very encouraging past week, as the leading Nasdaq and growth stocks have stormed back, with many punching out to new highs in recent days. We wouldn’t call this is major blastoff, but there’s no question the evidence has improved and the odds are increasing that the market’s overall uptrend is resuming after a sloppy consolidation in June and early July.

The broad market remains in a holding pattern. Some stocks are breaking out to new highs, but others are breaking down. The Nasdaq regained some ground this week, but the divergences between the major indexes remain. There’s no reason to panic, but we are making a couple of moves to reduce risk this week.

We have a few portfolio stocks that warrant attention this week, amid an ongoing sector rotation. Money is flowing out of overvalued tech stocks into quite a variety of undervalued industries.

At this point, we think you should be holding at least some cash on the sideline—maybe 20% to 25%, though it depends on how you run your ship.

Stocks were pummeled Thursday, with tech showing the worst losses. The Nasdaq closed down 1.4%, and the S&P 500 and Dow both lost about 0.8%. Financials and energy stocks were among the only names spared, as oil prices continued their recovery and the Fed approved the banks’ new capital plans.

While I don’t think we just saw the end of the run-up in technology stocks, I do think investors should begin to pare back their tech holdings and do these two things: raise cash, and buy undervalued stocks in other sectors.

A refrigerator made by Whirlpool (WHR) is being cited as the source of the Grenfell Tower fire in London. This kind of disaster can easily punish a stock price for a prolonged period of time.

We’re starting to see a little uptick in trading ranges, especially among our technology stocks. Given that market risks seem to be on the rise and there is some rotation out of tech stocks (at least for the moment), I’m advising that you take partial profits in two of our outperforming software positions today. Plus, I suggest stepping away from one underperforming position.

Updates on two stocks and a rating change on another.

I’m selling one of our stocks and adding a new bank stock to the Growth Portfolio. I also describe a big June catalyst for banks’ share prices and highlight 11 other bank stocks.