Equity markets showed nice strength this week as the bears got pushed back.

Many traders were bracing for a bad earnings season. But overall, big companies are doing fairly well. We're seeing many companies pull guidance, but everyone expected that.

And the big 4 earnings names this week (META, MSFT, AAPL, AMZN) all beat expectations.

We are also getting some favorable headlines on the China trade conflict, so maybe we get some actual resolution there.

Perhaps the biggest sign that the mood is changing is the drop in gold.

GLD is how about 6% off the highs. And it could drop much further if the Trump administration gets some actual deals done -- China of course being the big one. Since Power Plays Options has been in GLD puts, the gold weakness has been great for us.

Now let's talk about our current names.

TSLL 5/9 $11 Calls: I added these calls as a play on a possible surge in Tesla (TSLA). So far they are not working but we'll stay with them because Tesla could attract buyers near-term.

JD 5/16 $35 Calls: JD woke up nicely on Friday as China stocks surged on favorable trade headlines. I expect more upside here to come.

TTD 5/16 $55 Calls: TTD is not moving as fast as I'd like, but it is grinding up nicely to put us in the green here. I expect it to keep rallying into earnings on May 8.

GLD 5/16 $300 Puts: I added these puts because I believe the gold rally is over. We took off 2/3 so far for decent gains. The longer GLD stays under $300, the higher the likelihood we get a hard move lower.

XLE 6/30 $95 X $105 Call Spread: Unfortunately, this position is not working and I'm not looking to add to it.

MSOS 6/20 $4 Calls: MSOS perked up the past couple of weeks on the possibility of some favorable legislation. So we might be able to salvage this position for a small loss rather than a total one. And there is an outside chance it gets to breakeven or even positive territory.

-Scott