It was another challenging week in the market.

We got 2 light inflation readings with the CPI and PPI, but the markets struggled nonetheless.

This is because traders' growth expectations have changed quite a bit.

Just a few months ago, all the talk was about how much the economy would grow.

That's changed as the focus has shifted to the risks of tariffs, DOGE, and a general slowdown.

And before you knew it, the SPY was 10% off the highs.

But let's keep some perspective.

The market put in some big gains in 2023 and 2024, and inevitably, we are going to experience pullbacks.

Keep Nvidia (NVDA) and Palantir (PLTR) on your screens.

They were the flagship growth names for growth buyers, so they will tell us a lot about risk sentiment.

But you know we are in a tricky environment when natural gas, gold (congrats to longs here especially), and health care are leading.

It's not exactly "risk on."

I do think near-term dips in quality stocks will be buyable, so I'll be looking for opportunities to position into new names.

Our remaining position -- Alibaba (BABA) still looks fantastic and I expect it to rally next week. If it breaks through $145 with authority, it could be on its way to the $170 area.

Have a great weekend.

-Scott