It's pure carnage in momentum and growth names today, although quality and core names aren’t faring well either.

Meta Platforms (META) moved to negative free cash flow and reiterated its commitment to invest whatever it takes to deliver compute.

That kind of makes today's action in data center names even more curious. I keep looking to see if I missed the new law outlawing them.

Coherent (COHR) is breaking down big time, although other names on the biggest decliners list are at key technical levels.

What makes this even more curious is that bond yields are falling even faster, with the ten-year yield (TNX) dropping below 5.0%.

Riding Out the Storm

I respect the market, especially during dramatic short-term moves, which is why we closed Micron Technology (MU) and Meta Platforms (META) even when lots of firms were upgrading.

But taking losses from emotionally driven moves when all the fundamentals suggest it is a screaming buy is something we cannot do, and that means sitting on ugly paper losses.

It also means preparing to take advantage of excessive selling.