Yesterday’s “best day in a year” was the ultimate Fed cat bounce as Nadaq Biotech stocks are collapsing today – approaching the crucial 20% bear market drop. With a loss of over 5.5%, this is the biggest drop since August 2011 and has the index very close to the critical 200-day moving-average support. The Biotechs are now down 2% year-to-date at new 4-month lows.
Charts: Bloomberg
via Zero Hedge http://ift.tt/1sHcT0j Tyler Durden