The market is holding up well except for former high-flying names diving in sympathy with Netflix (NFLX), and they aren’t just content providers.  Stocks with sexy storylines are taking ugly beatings.  It’s not all justified, but it reflects a sort of frustration that comes when one of the hottest stocks in history takes a historic haircut.

Buying the dip on Netflix had been an automatic winner until last October, but there are names you are going to have to grin and bear it or even consider buying – although not today.

The new reality is no stock will be given the benefit of the doubt.

Speaking of benefit of the doubt, the Fed now seems concerned they might have gone too far jawboning the market lower.

Headlines

Fed's Bostic says slowing global growth a reason for Fed to be "cautious"

Fed's Daly: 'Expeditious' Hikes to Year-End Neutral Fed Funds Rate Appropriate

*Daly: Economy Unlikely to Hit Recession on Fed Action

*Daly: Markets Have Priced in Tighter Fed Policy Outlook

*Daly: Inflation Is Too High, but Not Replay of 1970s Experience

Market Look

I do like the action in Consumer Discretionary (XLY), which seemed to get a big spark from the reversal of the mask mandate – the XLY has filled a big gap, it’s above the 200-day moving average.

I’m also loving the action in transportation stocks – which collapsed at the beginning of the month but hit a double bottom and acts great.

TSLA reports after the close – the stock has only rallied twice on the same day they reported in the last nine quarters.