It's another brutal-ful day in the neighborhood.

Investors are finding some comfort in low volatility, but for the most part, red dominates the factor screen.

But investors are finding solace in defensive sectors, with Health Care (XLV) and Consumer Staples (XLP) higher.

Real Estate (XLRE) is the top-performing cyclical sector, reacting to the continued retreat in bond yields.

Buyers have also entered Financials (XLF) and Industrials (XLI).

I don’t think these sectors would be higher if the superintelligence buildout were over.

But there is no doubt the big names that have been carrying this market for a long time are under huge pressure.

Amazon (AMZN) began the day down $180 billion but is coming back. Yesterday, Google (GOOGL) took a $525 billion hit.

This year has seen one-day hits in mega-cap tech names, and for the most part they staged remarkable rebounds.

These days the bar is high, and it's simply not enough to post a nasty dunk on earnings day – investors aren’t impressed.

We have seen and been in this movie before.  It's frustrating and uncomfortable, but the superintelligence revolution is not going to stop, and the emotional selloffs are creating huge opportunities.