The last time NASDAQ was >10% in January...
Tech upside has been the main pain trade (outlined href="https://www.zerohedge.com/the-mark rel="noopener noreferrer" target="_blank">here on Jan 8). The last time NASDAQ was up more than 10% in January was in 2001. This was after having seen significant multiple contraction the year before. NASDAQ continued to go down by more than 50% for the rest of 2001.