So it was looking like we'd close out the week on a quiet note, but the President came out and threatened a 50% tariff on the EU and 25% tariffs on Apple (AAPL).

That hit the futures early, though the market has come off the lows.

As of 10 am, the SPY is down 1% today and the QQQ's are off 1.3%. On a positive note, IWM is showing some relative strength.

If we get a strong close, that would be a major statement by the bulls -- especially if we can get above the key SPY $588 area.

I still want you to keep your eyes on TLT because higher rates could be a problem for this market.

The TLT's were up this morning on the tariff threats, and now they're coming back down.

Ultimately, I'd like to see TLT grind up to keep the bears on their hind legs.

We're heading into a long holiday weekend, and normally I'd just tell you to focus on spending quality time with your family and friends.

But be aware of how much risk you have on, and what you're comfortable with. Because who knows what kind of good or bad headlines we could get before Tuesday.

Now let’s talk about our current names:

Alphabet (GOOGL) came out of nowhere to shock the doubters with this week's successful I/O AI event. However, it's getting hit like most tech names to end the week. It still has go-to status, even though it might be rocky near-term.

Amazon (AMZN): I added this because of the news that Pershing Square took a new position in the stock. It hit a pre-market low of $196 today but climbed back up over $200 to get out of the danger zone. I still like it here, and in fact I added some AMZN May 30 $210 calls this morning.

Enjoy your weekend!

-Scott