Wow, what a week.

Earnings season is really heating up and it's a very stock-specific tape.

Intel (INTC) is getting hit pretty hard from last night's report.

Meanwhile, Netflix (NFLX) flew higher on its strong sub numbers last week.

And Tesla's (TSLA) strong report from Wednesday has it up almost 65% from the January 6 lows.

So far this year, the big theme has been the rebound of the names that suffered the most in 2023. ARKK has been a huge winner, and the QQQ's have been showing a lot of relative strength.

In 2023, market's been much stronger than most expected, and today's PCE mostly in-line PCE report was taken in stride.

I took SoFi Technologies (SOFI) off Power Plays earlier in the week as it surged. It reports Monday, and I don't like holding stocks into earnings. And even with the recent broader market momentum, I'd rather things play safe in case the rug gets pulled.

Next week is a big earnings week with names like XOM, UPS, PFE, META, SBUX, QCOM, and MRK reporting, so I'm sure we'll have plenty of fireworks.

Just don't get too caught up in headlines. Focus on the price action and your risk management.

Now let's go over our names:

XBI: Biotech's had a really nice start to the year, but it got ahead of itself. So we took off half for Power Plays a couple weeks ago. It just tagged $90.01, and it might be setting up for another surge higher. If this active bullish sequence stays intact, XBI should lead.

Occidental Petroleum (OXY): Energy has been perking up, and I always like to play OXY when oil is moving. OXY almost hit our danger zone this week, but it bounced back pretty hard. CVX' big buyback announcement seems to be helping the sector. And of course, oil has been strong which is a good thing.

Enjoy your weekend!

And stay tuned for more updates next week.

-Scott