Biotechs got some bad publicity this weekend as there was a lot of blog chatter on the Biotech Bubble. See Joshua Brown and Sam Ro's articles.
Biotechs Battered And MoMos Muppet'd – Carry Unwinds Sparks Stock Dump
Courtesy of ZeroHedge
Despite the ubiquitous pre-open ramp by USDJPY, equity markets resumed Friday's weakness out of the gate led by the best of the worst. Biotechs are being battered (-13% from highs) and momentum-high-flyers are being monkey-hammered (led by NFLX and TSLA). This is weighing most heavily on Nasdaq for now but the dive in JPY crosses is dragging all stocks lower. Treasuries are rallying and the USD is rising modestly.
Biotechs are back at 7 week lows…
USDJPY in charge…
And since the FOMC, things have been ugly for the MoMos…
as all the major indices are now red post Yellen…
