Mike Santoli's market notes: What to make of Thursday's tech stock rout

It turns out stocks don't only go up. In fact when they go up a lot in a hurry, it becomes harder for them to keep going up.

The tactical context: A mad rush of call-option buying created a self-reinforcing upward spiral in shares of the cult tech stocks, enough to force market makers to drive up both the stocks and volatility gauges. Erratic vibrations, now resulting in a quick unwind. Traders have pointed out Wednesday has been the strongest day of the week lately – the day weekly options expire. And Thursdays the weakest .at 30 and Nasdaq VIX at 40 reflect a bit of equity stress and forced hedging.

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