We're closing out another week of the pain trade as markets extend on Powell's dovish commentary at Jackson Hole.

Next week will be interesting.

On the economic front, we have the key US PCE Price Index report and the GDP report.

And in earnings, we have three key AI names - Nvidia (NVDA), Dell (DELL), and Marvell (MRVL).

Plus, Salesforce (CRM) and Crowdstrike (CRWD) will be of interest.

The market definitely needs a rest, though to be fair, that's been true for the past week or so.

I'd love to see a shallow pullback, especially into the NVDA report on Wednesday, so we can get more constructive setups for new longs.

Now let's go over our two Power Plays.

Note that both of these are half-sized positions just because the action is still tricky and I want to play it safe:

Meta (META) had one of the strongest patterns in big cap tech, so it's been frustrating that it hasn't broken out yet. It's still constructive though.

XBI: biotech looks poised to rally with the backdrop of a more accommodative Fed. I want to see a hard move over $103 to ignite this ETF.

-Scott