Amazon and the Google parent company Alphabet, half of the closely watched "FANG" names, reported revenue after the Thursday bell.
However, recent volatility is shifting to value names, which focus on relatively cheap valuations to the rest of the market. So far, Amazon has lost 11 percent this month and Alphabet 8 percent.
"The price action is likely to disappoint as a result," Sanchez said in an email to CNBC after the earnings releases. "Not as good as a market sentiment is."
Amazon's and Alphabet's mistakes have the potential to survive the rest of the reporting season and bring the markets back in the swing, said Mark Tepper, President and CEO of Strategic Wealth Partners.
"These two companies definitely have the potential to really define this winning season," Tepper said in "Trading Nation" ahead of earnings figures on Thursday.
"Profits were strong, but sales losses were really disappointing," said Tepper after the earnings announcement. "Unfortunately, it seems like it's becoming a trend lately."
Alphabet and Amazon are just two names for Wall Street on a busy afternoon. Other revenue after the bell were Gilead Sciences, Intel, Chipotle, Expedia and Western Digital.