It did seem like there were too many unholy alliances for this day to last. You can't have all of those stocks go up at once, and the high-yield-related stocks and any company that needs credit for a deal are getting spanked hard -- Action Alerts PLUS holding Allergan (AGN), Valeant (VRX), etc.
You have to consider that the oils will need the high-yield markets, too, and they are getting crushed.
You simply can't maintain a solid rally when rates go higher, the dollar goes higher and the drug companies are under attack because that leaves leadership entirely to the banks, and they can't handle the burden of taking the market higher.
This turn has caught a lot of people looking the wrong way because the real weaknesses have to do with the markets and stocks most stressed by a rate hike: roll-ups that need credit, oils that need credit, acquirers who need credit and the usual Glencore (GLNCY), Petrobras (PBR), Volkswagen (VLKAY) black holes that can bring anything down with them.
The rally off a rate hike didn't make sense. The selloff does.