Nasdaq Biotech Index Re-Plunges To 10-Week Lows

UPDATE: Sure enough the 100DMA was met with buying… for now…

The Nasdaq Biotech index is down 4% from earlier opening highs and is once again testing the 100-day-moving-average that provided some impetus for a modest bounce yesterday. This is a 10-week low level (-14% from Feb highs) and has retraced over 60% of the gains since the Fed announced the taper in December. Volume has been very heavy.
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