US Internet stocks are getting crushed today as investors appear to be rotating out of some of the big momentum names from last year

US Internet stocks are getting crushed today as investors appear to be rotating out of some of the big momentum names from last year. Netflix (NFLX) is leading the Internet group lower, down over 6%, Facebook (FB) is down roughly 4%, and Google (GOOG) and Amazon (AMZN) are off 2%. Netflix is certainly feeling the pressure from Apple's (AAPL) potential partnership with Comcast for exclusive streaming television services. Nevertheless, we're seeing investors take a more defensive view of the market in general. With the VIX hovering around 15, investors don't seem to be in a hurry to buy protection against a big selloff Instead, investors appear to using a rotational strategy to lower risk without lessening overall exposure to equities. That would imply expectations of a sideways market rather than a correction.