Biotechs are getting crushed, extending losses of the last few days as it appears the earnings beat for Facebook has sparked a great rotation from everything into the social network.
Because nothing says safety like a stock trading 83.5x P/E...
With Biotechs now down over 47% from their record highs... (Maybe Janet was right after all)
Yes we know Fwd P/E is "just" 35x... This has dragged FB back into the green for the year but TSLA and NFLX are getting hammered...