Before we get started, I'm going to close the Global X Uranium ETF (URA) from Power Plays.

The news flow is very favorable for nuclear energy. But the price action does not support staying long, so I'd rather let it go rather than risk a bigger loss. This market is brutal and it's easy for small losses to turn into big ones. Bad charts trump good stories.

The broader market is likely to keep declining into the FOMC next week, so I came in net short today and I'm minimizing risk.

We're seeing important leaders like Apple (AAPL) and Tesla (TSLA) lost their relative strength in the wake of Tuesday's CPI and Fedex' (FDX) big warning yesterday. Biotech also lost its leadership status today.

This is not the time to be a hero. Let's be extra careful, especially if names break below Thursday's lows without reclaiming them.

Now let's go over our remaining names:

Pinterest (PINS): this name has acted very well because of recent insider buying and some rumblings about a possible takeover. Their new app 'Shuffles' is also generating some early optimism. I'd think this name can lead the social sector over the next month or so. In fact, it's come off the lows nicely already today.

Uber (UBER): it got stung today on news about a data breach, but that feels more like a short-term stumble than a long-term issue. It was pretty powerful yesterday, and I expect Uber to lead the market into year-end, absent a real disaster in the market. This has to be on your radar.

I'll be back next week with more updates. Remember, this is not the time to be a cowboy. Focus on preserving capital, and on finding only the best opportunities.

Stay tuned for more updates next week.

In the meantime, have a great weekend!

-Scott