We're closing out another very chaotic week, and I'm glad I've been preaching taking less risk.

Nike's (NKE) earnings report showed us we could be in for some very big surprises in the next earnings season, which will kick off in the next week or so. Yes, the market is having a relief rally today, but NKE shows you this can still be a very stock-specific tape.

We also had some hot inflation readings both here and in Europe.

I didn't add any new names this week, and that's because the tape has been so treacherous in looking for multi-day or multi-week opportunities.

We've seen plenty of so-called "blue chips" or "high quality" names just spiral down - like GOOGL, AMD, NVDA, etc.

So I'll continue to take a sniper's approach to finding new names.

I'm writing this at about 11:45 a.m. Friday. I would not be surprised to see things change big by the time the close happens.

Right now, the big issue for the bulls is negating the possible double bottom at around SPX 3630-3640.

If we stay above that, we could rally.

If we get below, there could be more downside.

This is still time to conserve capital and manage risk, so be careful out there.

Now let's go over our remaining Power Play:

Pinterest (PINS): PINS has been remarkably steady throughout the recent volatility. So if the market is to firm up and turn up higher, I'd expect PINS to be a leader. It's certainly acted better than most social names. And there is still potential for this to turn into a special situation, based on the insider buying. I don't like to get long stocks because of takeover potential, but there is a chance that could happen with PINS.

Stay tuned for more updates.

-Scott