This is Revenge Against Netflix for Cancelling "Lilyhammer"

After its latest earnings report last evening, Netflix is now likely experiencing a long overdue correction to keep momentum longs honest. That is not to say that NFLX has topped out, nor have the other "FANG" monster leaders, as there exists very little (if any) technical evidence of a major top in place.

But clearly even the strongest of themes must deal with corrections along the way. 

While the temptation might be to declare the selloff overdone on the very first day (today), in reality we should probably give it some breathing room to let the shakeout serve its purpose before stalking a bit cleaner of a long entry. 

In the meantime, the more intriguing storyline for us in this tape is whether the emerging new school winners in software, cybersecurity, healthcare/bios, consumer and retail can stand their respective ground and improve even as the likes of NFLX corrects. 

As we speak, for example, the XRT (sector ETF for retail stocks with plenty of overlapping names to XLY, consumer names) is up roughly 0.80% with plenty of names like LULU threatening fresh legs higher.