Yesterday's bulletproof stocks, led by the FANGs (Facebook, Amazon, Netflix and Google), are getting whacked today. Amazon is down 100 points from its high, 32 of those points coming today. Netflix is off by nearly 10%. Even Google, which really does seem bulletproof operationally, is down 3%.

Most of these companies are and will remain pretty great, but they -- along with almost everything else (gold and silver being notable exceptions) -- are being treated as sources of cash by investors who have to meet margin calls or simply get a decent night's sleep.

As the old saying goes, the beatings will continue until morale improves. Which in this case means the carnage will go on until the Fed reverses course and offers up a new, bigger and better QE program.