I'm just chiming in with an update after the CPI.

Keep an eye on the semis. They came off the lows this morning following Applied Materials' (AMAT) warning. In fact, SMH might turn green, which might be a sign we're washed out and ready for a countertrend rally.

I'm also closely watching TLT. It's off the lows, which could have the computers easing up on their sell programs.

As far as our remaining names, I'm giving them room to these areas:

• Pinterest (PINS): $9 to $9.40 area
• Snap (SNAP): $21 to $21.50 area

And in fact, this may not be a bad spot to average down if you have a longer-term perspective.

If the market does hold in here, I expect PINS and SNAP to be leaders.