The market is SUPER volatile today. What should we make of it?

In the last few weeks I've told the group that it's likely semis have topped for a while (few months to maybe a year) as they now have to digest the parabolic run tthey've had and naturally there will be profit taking. I said if that were to happen (which it is) it would bring down the market...notice how much of the selloff is in SMH / SOXX which all have high % weights in major indexes
Indexes falling will of course bring down any higher-beta assets, same way when they go higher these higher beta assets will also go much higher.
We've been in a pretty euphoric market (for specific assets that have driven the rally). Expect consolidation / pullbacks its part of the game. Yes, the market may overreact and sell some of the higher beta names we track to more extremes depending on the narrative they want to use to justify the pullback.
However, the charts still rule everything and many individual stocks that we track on the high time frame look great. As long as support is being held and not lost, and a company in a still broadly misunderstood / but high TAM (total addressable market) secular theme then nibbling on volatile days like this is prudent