Before we start, we'll take the following action for Power Plays Options:

• Trim 1/3 of the GOOGL 2/7 $207.50 Calls

We are sitting on a nice gain already, but I want to lock in something now just in case we get a pre-earnings pullback.

This leaves us with 2/3 the original position.

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It's been a nice week for us as we had a big hit with Alibaba (BABA) plus strength in Amazon (AMZN) and Alphabet (GOOGL).

Now, many of you have been celebrating that big BABA win, and I appreciate all the positive feedback.

But don't let one big win give you a false sense of security.

Don't start upping your position sizes or taking bigger risks because you think you are "playing with the house's money."

Stay the course. Focus on making base hits with the potential to turn into doubles or triples.

Remember, options trading has its ups and downs.

For example, we've taken losses in Broadcom (AVGO) and Celsius (CELH).

So we'll keep on managing risk and only taking new positions when it makes sense.

Overall, the market remains in good shape.

Earnings reactions have mostly been stock-specific, and it's good to see Apple (AAPL) in positive territory.

The market digested the Fed and a ton of economic data this week just fine, and the SPX is approaching all-time highs again.

Now let's go over our names:

NIO 3/7 $5 Calls: this is a super-speculative EV position I added Thursday. It's not looking good today, even with Tesla (TSLA) up, but I'll let it ride for now.

GOOGL 2/7 $207.50 Calls: this stock has been awesome and surprised many when it regained leadership status. We are down to 2/3 and I would not chase it.

AMZN 2/14 $235 Calls: we are down to a 1/4 position here. This stock has simply been a powerhouse and I might end up regretting selling too early!  However, it's not a name I would chase on strength.

Have a wonderful weekend!

-Scott