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Biotechs Battered For 7th Straight Day - Longest Losing Streak In 7 Years
Not since October 2008 (cough post-Lehman cough), has The Nasdaq Biotech index dropped for 7 straight days. The 18% close-to-close drop in the last 7 days is the largest since Lehman.
Click chart for massive legible version...
This is a 19% drop in 7 days...
h/t @RanSqauwk
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This is kinda fun to watch when you're not personally suffering the pain.
Biotech just isn't very shiny anymore and their bond exposure is about as bad as the oil patch. I get the feeling we'll get to find out how many sectors the PPT can prop up at once......
Janet, you neglected to tell us your price target. How much moar downside can I count on?
That's so true it's not even funny.
"since Lehman"
nep nep nep nep nep
I wonder how many put options Martin Shkreli is sitting on... the timing is uncanny.
I could sell the Biotech industry a pill that would make this pain stop for a while. It only costs $2,000,000 per pill.
... for now
also it's more addictive than heroin
It is also interesting to see that the dirty spying trio of GOOG, LNKD and FB are getting spanked on fairly low volume the day after JP Morgan recommended them.
It is not just biotech.
Overpriced stocks are easy to buy. It is also apprently easy to create fake churned volume. However, if you ever want to exit one of the overpriced dirty hogs with large volumes of shares, that is a more difficult proposition.
Is telling investors to suck a dick and swallow considered a "biotech" solution?
Quick! Apply for a patent.
See what Hilary started.
Is Martin Shkreli now a bilionaire? He likely shorted biotechs
cough, cough indeed - can I get you something for that?
Colloidal silver and cannabis, and you'll barely ever need the Sickcare system again!