Andrew Smith says the market selloff has not been as bad as it appears because risk assets have perhaps been extended. The rest of the broad market is catching up to the Nasdaq technology stocks to the downside because inflation is a risk to consumption and profits. Momentum is starting to wane after solid price appreciation in names that have wide earnings dispersion between high and low estimates. Andrew is thinking about the potential for wage inflation to play a structural role in corporate earnings and an eventual balance sheet taper by the Fed.