We begin with a teching wreck on wall street. The fang stocks stumbling, all posting big big losses the past few days is this fangfree fall taking down the Broader Market tim . Some cht frank free fall is something i think we saw three to six months ago. Clearly with the regulatory headlines on doj in june big moves facebook and google have had a tough time getting out of their own way amazon got back up to alltime high has not exceeded that ill let the chartist tack about that but when you think about the market for the last month and four or five months yes we saw the interesting rotation into cyclical stuff a month aigt. But really the defensive rotation is something thats been alive and well for plshl six to nine months as evidence by utilities thats an environment you cant see fangout perform and the multiples caught up to the stocks i know the multiple on google. Not so much. I know the multiple on facebook, not so much. But i think again you have regulatory pressures on top of v