The market remains in something of a no man's land, where there is little memory from day-to-day.

It's hard to put on new swing longs, and equally difficult to press shorts.

That's why I'm pretty light right now after taking down risk quite a bit this week.

Next week will be a pretty busy one news-wise because we have the Apple (AAPL) iPhone event, CPI, and the ECB meeting.

CPI is always a focus, but it seems like traders are very focused on inflation.

If we can see inflation coming down without the economy falling apart, that could give the bulls confidence to push for more upside. The reverse is also true as a hot CPI print could add to the confusion.

So expect it to be a market mover.

Near-term, I'd keep eyes on Apple, Nvidia (NVDA), and Tesla (TSLA) because they can tell us a lot about risk appetites.

And it will be hard for the bears to break the market without taking these down first.

Now let's go over our current Power Plays names:

Advanced Micro Devices (AMD): AMD has been somewhat choppy this week, though it's holding in decently. It's showing decent relatives strength relative to Nvidia (NVDA) and other semiconductor names today, though it's off the morning highs. Still, it's basically hanging in there and should outperform if the market strengthens next week.

Microsoft (MSFT): this had a big move today to reverse all the negativity we saw Thursdsay, and it may be retaking leadership in tech. It still looks solid as today's relative strength is a big statement. I still believe it can accelerate near-term.

-Scott