There is only one word to describe this tape: predatory

First we had the SPY breaking the key upper range at $555 to $557 on Monday.

Then we drifted lower throughout the week, with red Doji candles on Tuesday and Wedneday.

On Thursday, we had the disappointing Broadcom (AVGO) earnings report.

And today, we saw the hot Hourly Earnings number in the jobs report.

The market initially tried to rally, but things fell fast, with tech leading the way lower.

Thankfully, we took off most of our Power Plays earlier in the week.

While those were losses, they'd have been bigger ones if we held on.

The market is clearly in "Price Discovery Mode" again, which means we have to keep our time frames short, and we must pick our spots carefully.

I'm keeping a close eye on our two remaining Power Plays, which we'll go over now:

Rivian (RIVN): EV stocks are a rare bright spot in this market, so Rivian has held up better than most names. Still, it might not escape the carnage altogether. So if it breaks $12.80, I'll have to think about switching gears.

Affirm Holdings (AFRM): This name is still holding its earnings gap, but just by a hair. So we'll also stay on guard to exit if necessary.

Have a good weekend. Remember, next week is big with CPI and PPI, so there is a good chance the volatility will stay.

-Scott