First, before we start, I'm going to remove Advanced Micro Devices (AMD) from Power Plays.

It hasn't performed as I would have expected, and it just can't sustain a rally.

So I'd rather let it go than risk it pushing even lower in the days ahead, especially since the semis look vulnerable overall.

This was a pretty busy week.

The CPI and PPI reports showed that inflation is moving in the right direction, even if it's not coming down nearly as fast as we'd like.

Also, the ECB signaled they may be done raising rates.

Oracle (ORCL) earnings on Monday were a major disappointment after a historic move in the stock this year.

And the Arm Holdings (ARM) IPO was a huge success on Thursday, which has people excited for the Instacart (CART) IPO next week.

This is a very stock-specific tape and there's not a lot of memory from day to day.

So we'll still be looking to pick spots very carefully.

Next week, we have a Fed day on Wednesday, so I may keep risk down into that.

Now let's go over our remaining Power Play:

Microsoft (MSFT): MSFT looked very strong this week until Friday, shaking off the Oracle (ORCL) earning disappointment and hitting a high of $340.86 on Thursday. Unfortunately, it got caught in a downdraft on Friday to give back most of this week's gains. However, I still expect it to be a market leader.

Have a good weekend,

-Scott