Biotech Bubble Buckles: Tumbles Almost 7% To 3-Week Lows

Biotech stocks have been surging since their mid-March plunge (back below the 50DMA), but it appears that is at an end as XBI - the SPDR Biotech ETF - is now down almost 7% from Friday's highs on heavy volume (and back below the 50DMA once again).

 

 

 

Which has smashed XBI back below its 50DMA on very heavy volume..

 

This is a major problem as if China QE can't keep the weathe creation dream alive, what will?