It's Not Just Netflix and Tesla

The headlines will naturally gravitate towards last evening's marquee earnings reports, NFLX and TSLA, as being the genesis for today's selloff mostly led lower in the Nasdaq. 

However, do not overlook rates on the 10-Year Note (below on the weekly chart for TNX) bouncing back over 3.8% and off prior resistance trend as support now. 

Higher rates could easily, and probably are, more ominous than any one earnings report for even the mega cap names. Hence, even with AAPL AMZN GOOGL META MSFT NVDA all still to come this season we ought not dismiss the moves in rates. 

Next week's FOMC is now expected to generate another 25 bps hike. However, the market knows that by now and the real issue is what is expected to happen with the September FOMC. 

Overall, despite the Nasdaq selling today I see little fear out there from bulls. Tons of one-way trends will do that. But the exit door may be too small for everyone to get through once sentiment truly changes.