Tech's sudden drop on Facebook's fall didn't surprise Morgan Stanley's Chief Investment Officer Mike Wilson.
He downgraded the sector two weeks ago and now believes we could be in for a ten percent correction.
"These stocks are up so much" said Wilson on CNBC's Halftime Report today.
He cautioned investors saying "tech stocks are risky, and more risky than most people think," adding "the wake-up call is there is no safety in this sector."
Wilson believes if Apple and Amazon re-set after earnings, the broader market could be in for a wider decline. But he says "if we fall ten percent, I'll be the first to pound the table" to get back in.
Shares of Facebook are down almost 20 percent today and Wilson thinks this may just be the beginning of a bigger drop for the sector.
He said, "tech is in trouble in the short term because it's over owned and expectations have become so elevated."
Wilson believes stocks are in what he calls a "rolling bear market" arguing the Nasdaq surpassed all-time highs this week because investors have jammed into just a few high performing names. Amazon, Microsoft, Netflix, Apple, Facebook and Alphabet have been responsible for a vast majority of this year's Nasdaq gains - lifting the index into record territory before today's drop.
Beyond tech, Wilson also sees problems for the market stemming from weaker consumer numbers. Wilson also believes the market is warning the Federal Reserve to slow down on rate hikes.