Last week, I said "This is not the time to be a hero. Let's be extra careful."

And this week turned out to be pretty brutal. Looking back, the hot CPI report was most definitely when the market turned for the worse, so I'm continuing to take less risk.

It may be frustrating for you when I'm not pumping out new ideas all the time, but you can see by the action that just about everything is going down. And if you notice, sometimes I'll issue 2-3 ideas in a week, and other times I slow down. That's just me respecting the environment and trying to keep you out of trouble.

We closed URA from Power Plays for a small loss last Friday to reduce risk. And now that's down another 10% from the exit. Remember, nuclear power is a big theme right now and still, URA couldn't hold it together.

The market is extremely oversold right now, which should give us better entry points in the days and weeks ahead.

Still, let's exercise caution because we are in a bear market. If something can go down 50%, it can go down 60% or 70% or 80%.

Price action always trumps fundamentals and potential.

So let's go over our remaining names:

Uber (UBER): we took off some UBER at higher prices. Now it's hanging by a thread over the earnings gap. So if it breaks into the $27 to $27.50 area, I'd think about getting out. Yes, the fundamentals look good, but we must respect the trend.

Pinterest (PINS): I wish I'd taken this off when it surged higher, but I held on because it felt like a special situation with mega potential. For now, I'm leaving it in for Power Plays. If you're uncomfortable with the volatility in the stock, there is nothing wrong with switching to call options a few months out if would rather define the risk.

Have a great weekend. Rest up, because odds are next week will be very busy.

-Scott