Tech got taken out back and roughed up.

Tech got taken out back and roughed up.

Netflix down 7.26% to 68.95. Biggest hit in the room, and it wasn't close. META down 2.79% to 646.01. Tesla down 2.61% to 380.84. Nvidia down 2.21% to 202.81. Alphabet down 2.17% to 346.77. Intel down 2% to 95.04. Microsoft down 1.81% to 393.82. The one name that didn't bleed — Oracle, up 1.77% to 126.41. Make of that what you will.

The entire mega-cap tech complex moved in lockstep lower. When correlation gets this tight, you don't need a single catalyst — the sector becomes its own reason.

Futures confirm the mood. SPY off 0.99%. QQQ down 1.5% — heavier, because tech is QQQ's backbone and the backbone just buckled. IWM down 0.52%, DIA down 0.77%. Small caps held up relatively better, which is worth noting.

VIX sitting at 18.77. Not panic, but elevated enough to tell you hedges are being added. Gold up 0.94% — money moved somewhere, and that's where it went.

No earnings on deck. No economic data scheduled. So Monday's open won't have a catalyst reset unless something drops over the weekend. That means price action from Friday carries weight into the open.

Asian markets data unavailable tonight. Going in without that read. Factor that into your positioning.

The short version: tech sold off hard, the broad market followed, gold caught a bid, and VIX crept up. Nothing is broken, but nothing is comfortable either.

Numbers don't lie. People do. Trade accordingly.