patrick.net

http://investmentwatchblog.com/stock-crashes-in-progress-the-nasdaq-biotech-index-15-farcebook-16-social-media-etf-socl-23-twitter-50-amazon-25-q1-gdp-cut-to-0-8-at-jpmorgan/

The Nasdaq Biotech Index had beautifully shot up along an exponential curve. Then the hot air hissed out of it, and it swooned 21% in six weeks. The index includes big players, like Biogen, not just startups with big dreams and no drugs. After some buying on the dip, the index closed on Thursday down “only” 15%. But that hasnt saved smaller momentum stocks: Exelixis is down 58% from its 52-week high and 92% from its all-time high shortly after its IPO in early 2000; Halozyme is down 60% from its high in early January. And so on.