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As investors continue to believe the stock market correction is over, the next big stop LOWER for the Dow Jones Index is 19,000. When the Dow falls below 19,000, all doubt will be removed as the best investment strategy would be to sell the rallies, rather than buy the dip. However, most investors buy at the top and sell at the bottom. So, it looks like investor carnage will continue for the foreseeable future.

I am quite surprised that investors don’t see the writing on the wall as it pertains to the most overvalued stock market in human history. While the PE Ratio of the S&P 500 isn’t as severe as it was in 1999, the debt, leverage, and margin are orders of magnitude higher. For example, in 1999 the U.S. Govt. debt was only $5.6 trillion compared to the $21 trillion today. Also, with higher debt levels comes higher interest payments.

Unfortunately, the U.S. Government and the economy is in a nasty feedback loop heading towards complete destruction. You can’t continue to print money, increase debt and leverage without causing severe disruptions in the future.

Today, investors have become way too complacent as the broader markets trade near their highs. However, as the markets really start to fall, complacency will eventually turn into panic. According to my analysis, the next critical level for the Dow Jones Index is 19,000:

I picked the 50-month moving average (MMA), shown in the blue line as the first critical level. Once the Dow Jones Index falls below 19,000, the next critical level will be 13,000, or the 200 MMA (in red). These levels aren’t “possibilities,” but rather, “guarantees” to occur over the next few years. Why do I say a guarantee? Well, if we look at some of the insane stock price charts below, you would have to be a complete imbècil to arrive at a different conclusion.

…click on the above link to read the rest of the article…

Amazon Partnership With British Police Alarms Privacy Advocates

March 9, 2018

A pair of Amazon Echo multimedia smart speakers, taken on November 28, 2016. (Photo by Joby Sessions/T3 Magazine via Getty Images)

Photo: Joby Sessions/T3 Magazine/Getty Images

AMAZON PARTNERSHIP WITH BRITISH POLICE ALARMS PRIVACY ADVOCATES

POLICE IN LANCASHIRE, a county in northwest England, have rolled out a program to broadcast crime updates, photos of wanted and missing people, and safety notifications to Amazon Echo owners. Since February, the free app has been available to those using Alexa, a cloud-based voice assistant hooked up to the Echo smart speaker. The first of its kind in the U.K., the program was developed by the police force’s innovations manager in a partnership with Amazon developers.

The program marks the latest example of third parties aiding, automating, and in some cases, replacing, the functions of law enforcement agencies — and raises privacy questions about Amazon’s role as an intermediary. Lancashire County will store citizens’ crime reports on Amazon’s servers, rather than those operated by the police. “If we can reduce demand into our call centers via the use of voice recognition or voice-enabled technology, and actually give the community the information they need without them needing to ring into police, then that’s massive,” Rob Flanagan, Lancashire Constabulary innovations manager, told the College of Policing conference, according to TechSpot.

But broadcasting is just the beginning of the county’s plans. The next iteration of the pilot program, expected to launch by year’s end, will allow users to report crimes directly to their smart speakers. After that, Flanagan imagines that Alexa might be used not just by civilians, but internally by officers for briefings and important information. “The cop [would] be able to say ‘Give me the warrant details for Joe Blocks,’ and then it would read back that person’s warrant and details and send the information to the offices mobile device that they have on their person,” Flanagan told Gizmodo. (Flanagan and the Lancashire Constabulary did not respond to repeated requests for comment).

…click on the above link to read the rest of the article…

“This Is Not A Symbolic Action” — Indigenous Protesters Occupy Oil Platforms in Radicalized Fight Against Pollution in the Amazon

December 27, 2017

SAN PEDRO, PERU – JULY 19, 2017: A dead fish floats in a film of oil residue. A recent pipeline leak leaves the fishing grounds for five communities contaminated. 1,600 barrels of oil skimmed were off of this stream. San Pedro, on the Marañón River in the State of Loreto, Puru on July 19, 2017. (Photo by Ben Depp)

Photo: Ben Depp for The Intercept

“This Is Not A Symbolic Action” — Indigenous Protesters Occupy Oil Platforms in Radicalized Fight Against Pollution in the Amazon

THE SKIFFS ARRIVED a few hours after sundown on September 18, a dark and moonless night in the Peruvian Amazon. They landed at several points along the broad Corrientes River, which flows south over the country’s densely forested border with Ecuador. Hundreds of indigenous Achuar men, women, and children, many carrying ceremonial spears, organized into units by clan and village. They then followed their apus, or chiefs, toward seven targets: the area’s lone paved road, a power plant, and five facilities for the pumping and processing of petroleum.

The sites were occupied, their night staff escorted peacefully outside. By morning, the Achuar of the Corrientes controlled the local infrastructure of Lot 192, the country’s largest and most notorious oil block.

Over the next two days, the occupations spread. On the neighboring Tigre and the Pastaza rivers, Kichwa and Quechua chiefs led takeovers of key roads, the only airstrip, and several oil batteries.

“This is not a symbolic action — we have completely paralyzed the country’s most important oil field,” declared a spokesperson for several of the indigenous federations backing the protest.

The takeover of Lot 192 lasted for 43 days. It was hardly the first protest to shut down the oil facilities studding the rainforests of Loreto, Peru’s biggest region and for decades the hub of its petroleum industry. Since 2006, the native people who live on the river basins where this oil is produced — a watershed of five major Amazon tributaries: the Pastaza, Tigre, Corrientes, Marañón, and Chambira — have executed at least a dozen similar uprisings. Some are just a few days; others stretch across seasons. Last autumn, indigenous communities launched a flotilla from the town of Saramurillo that blocked traffic on the Marañón River, the main artery of Lot 192’s sister block, Lot 8, for four months.

These uprisings have all demanded the same redress. For nearly a half-century, the state oil company, Petroperú, and its foreign partners have wreaked systemic contamination on the region, transforming daily life and poisoning the five rivers, whose waters fuse with the Ucayali River to become the Amazon just east of Iquitos, Loreto’s capital.

…click on the above link to read the rest of the article…

A Seneca Cliff for the Web as we know it?

November 1, 2017

A Seneca Cliff for the Web as we know it?

We can’t ignore the evidence any longer. The “Web”, intended as a constellation of independent information providers is dying. It is going through a Seneca Cliff of its own, being replaced by a “Trinet”, controlled by the three giant companies, Google, Amazon, and Facebook.

I have been noticing it with the stats for “Cassandra’s Legacy”. You can see how the decline in the number of contacts has been steady over the past year. Here are the stats:

We don’t yet see a Seneca Cliff, that is a rapid drop in the audience (don’t look at the drop at the end of the graph; it is just because the data are for the current month). I think it is mainly because I have been trying to contrast the decline by publishing more posts, but that has not been sufficient to change the trend. Here are the data for another blog of mine, “Chimeras”

In this case, the blog used to be visited by students looking for text to cut and paste for their term papers on mythology. They are not coming anymore; evidently, they found other sources of information. Or maybe the search engines don’t lead them to my blog anymore. Hard to say, but it is a fact.

So, what’s happening? As always, things change and, in our times, tend to change fast. Many of us can remember the “age of mass media,” now obsolete as steam engines and mechanical calculators. It looks incredible that there existed a time when everyone was exposed to the same information, provided under strict control by the government. In the Soviet Union, it was under control of the Communist Party.

…click on the above link to read the rest of the article…

Battle of the Behemoths

August 11, 2017

Battle of the Behemoths

As the empire deliquesces into a fetid slurry of economic failure, we stand ankle deep in the rising swamp waters witnessing the futile battle of the giants, Walmart and Amazon.

Neil Howe, co-author of The Fourth Turning, wrote this week that “[t]he Amazon-Walmart rivalry will determine the future of retail.” Well, it seems that way, perhaps, and I understand why a lot of people would imagine it, but I would draw some different conclusions. What we’re seeing is more like the battle between Godzilla and King Kong, two freaks of nature produced by a toxic culture, fixing to finish each other off.

The condition that will flavor events going forward is scale. Everything organized at the giant scale is going to fail. We have made all the systems of daily life too large and they will not function in the long emergency (and the fourth turning), an age characterized by universal contraction. This is true of corporations, institutions, schools, hospitals, farms, governments, virtually all organized enterprise. Retail is currently just the most visible example at the moment, since it is a commercial battleground that doesn’t enjoy public subsidies. The organisms on that field are exquisitely sensitive to economic reality, and the salient reality these days is the impoverishment of their customers, the former middle class.

This has been a sensational year for retail failure so far with a record number of brick-and-mortar store closings. But it is hardly due solely to Internet shopping. The nation was vastly over-stored by big chain operations. Their replication was based on a suicidal business model that demanded constant expansion, and was nourished by a regime of ultra-low interest rates promulgated by the Federal Reserve (and its cheerleaders in the academic econ departments).

…click on the above link to read the rest of the article…

Why is the MSM Covering Up Recessionary Data?

April 14, 2016

WHY IS THE MSM COVERING UP RECESSIONARY DATA?

The Census Bureau put out their monthly retail sales report this morning. During good times, the MSM would be hailing the tremendous increases as proof the consumer was flush with cash and all was well with the economy. Considering 70% of our GDP is dependent upon consumer spending, you would think this data point would be pretty important in judging how well Americans are really doing.

It’s not perfect, because the issuance of debt to consumers to purchase autos, furniture, appliances and electronics can juice the retail sales numbers and create the false impression of strength. That’s what has been going on with auto sales for the last two years.

The retail sales figures have been propped up by the issuance of subprime auto loans to deadbeats, 7 year 0% interest loans to good credit customers, and an all-time high in leases (aka 3 year rentals). Despite this Fed induced auto loan scheme, retail sales have still been pitiful, as the average American has been left with stagnant wages, 0% interest on their minuscule savings, surging rent and home prices, and drastic increases in their healthcare costs due to Obamacare.

The retail sales for March, reported this morning, were disastrous and further confirmed a myriad of other economic indicators that the country is in recession. GDP for the first quarter will be negative. And this time they can’t blame it on snow in the winter. They have already doubly seasonally adjusted the figures, and they will still be negative. Retail sales in the first quarter were atrocious. It might make a critical thinking person question the establishment storyline of solid job growth being peddled by politicians and their MSM mouthpieces. If people had good paying jobs, they would be spending money.

…click on the above link to read the rest of the article…

The Sleepwalkers Awaken

January 21, 2016

The Sleepwalkers Awaken

A host on bubblevision this afternoon noted that the S&P 500 is now down $2 trillion for the year and wondered if his panel could explain “what’s happened since January 1st?”

The implication, of course, was that since no new recessions have started—- nor have any new wars been declared, polar glaciers melted or Wall Street banks gone down for the count——that the market’s worst ever start of the year was surely overdone. Maybe it was even BTFD time again.

Then again, maybe the outlook is just as bad as it was before January 1st, but that the outlookers have acquired a new outlook. Stated more baldly, perhaps the sleepwalkers have finally awakened.

That would certainly seem to be the case with the market’s high flyers. Most of this year’s spectacular flameouts have reported nothing new nor issued any disturbing 8-Ks. Amazon apparently had a swell Christmas, for example, but its share price is now down 19% from the bubblevision man’s line of demarcation.

Indeed, Amazon and its fellow FANGs (Facebook, Amazon, Netflix and Google) succinctly explain the pivot. They have actually been the canary in the coal mine all along; it just now that their warnings signals are being noticed.

As we have previously pointed out, the FANGs were the “beard” that hid the market’s initial breakdown during 2015. They gained $485 billion of market cap (+66%) while the other 496 companies in the S&P 500 actually deflated by more than half a trillion dollars.

Needless to say, that happened before the calendar year turned. Yet when the stock market’s advance drastically narrows to just a handful of ultra-momentum stocks, the bull’s days are numbered, and always have been.

That truth goes back to the Four Horsemen of the tech bubble, the Nifty Fifty of the early 1970s and even the pyramided investment trusts of 1929.

Just call this the Last Stocks Standing (LSS) syndrome.

…click on the above link to read the rest of the article…

Amazon And The Fantastic FANGs——A Bubblicious Breakfast Of Unicorns And Slippery Accounting

January 16, 2016

Amazon And The Fantastic FANGs——A Bubblicious Breakfast Of Unicorns And Slippery Accounting

At year end we posted a rant about the “Brobdingnagian” bubble embedded in Amazon’s market cap. On December 29th it was valued at $325 billion and had gained $180 billion or 55% of that towering figure in just the previous 12 months.

Self-evidently this was a flashing red warning signal that the end of the third great central bank fueled financial bubble of his century was near. AMZN and its three other FANG amigos had accounted for a $530 billion gain in market cap while the other 496 stocks in the S&P 500 had declined by an even larger amount.

That is, the apparently flat S&P 500 index of 2015 was hiding an incipient bear—–owing to a market narrowing action like none before. Compared to the Fabulous FANGs (Facebook, Amazon, Netflix and Google), the early 1970s Nifty Fifty of stock market lore paled into insignificance.

After the worst start to a year in history, some of the air has now been let out of the bubble. Amazon’s market cap is now down by $53 billion or 16% and the story has been roughly the same for the rest of the FANGs.

After Wednesday’s plunge, Goggle is now also down by $52 billion or 10%; Facebook is lower by $33 billion or 10%; and Netflix is off by $6 billion or 11%. In all, the FANGs have given back in eight trading days about $144 billion or 28% of their madcap gains during 2015.

AMZN Market Cap data by YCharts

Call that a start, but in the great scheme of things it doesn’t amount to much. Consider the case of Amazon. Its PE multiple on LTM net income of $328 million has dropped from 985X all the way to…….well, 829X!

Likewise, it’s now valued at 97X its $2.8 billion of LTM free cash flow compared to 117X at year end.

…click on the above link to read the rest of the article…

Discovery

January 11, 2016

Discovery

It looks like 2016 will be the year that humanfolk learn that the stuff they value was not worth as much as they thought it was. It will be a harrowing process because a great many humans are abandoning ownership of things that are rapidly losing value — e.g. stocks on the Shanghai exchange — and stuffing whatever “money” they can recover into the US dollar, the assets and usufructs of which are also going through a very painful reality value adjustment.

Of course this calls into question foremost exactly what money is, and the answer is: basically a narrative construct. In other words, a story explaining why we behave the way we do around certain things. Some parts of the story have a closer relationship with reality than other parts. The part about the US dollar has a rather weak connection.

When various authorities — the BLS, the Federal Reserve, The New York Times — state that the US economy is “strong,” we can translate that to mean giant companies listed on the stock exchanges are able to put up a Potemkin façade of soundness. For instance, Amazon.com. The company continues to seem like a good idea. And it reinforces that idea in the collective imagination by sending a lot of low-priced goods to your door, (all bought on credit cards), which rings your (nearly) instant gratification bell. This has prompted investors to gobble up Amazon stock.

It’s well-established by now that the “brick-and-mortar” retail operations are majorly sucking wind. Meaning, fewer people are driving to the Target store and venues like it to buy stuff. Supposedly, they are buying stuff at Amazon instead. What interests me in that story is the idea that every single object purchased these days has a UPS journey attached to it. Of course, people also drive to the Target store, though I doubt they leave the place with just one thing.

…click on the above link to read the rest of the article…

Bear Market: The Average U.S. Stock Is Already Down More Than 20 Percent

January 11, 2016

Bear Market: The Average U.S. Stock Is Already Down More Than 20 Percent

The stock market is in far worse shape than we are being told. As you will see in this article, the average U.S. stock is already down more than 20 percent from the peak of the market. But of course the major indexes are not down nearly that much. As the week begins, the S&P 500 is down 9.8 percent from its 2015 peak, the Dow Jones Industrial Average is down 10.7 percent from its 2015 peak, and the Nasdaq is down 11.0 percent from its 2015 peak. So if you only look at those indexes, you would think that we are only about halfway to bear market territory. Unfortunately, a few high flying stocks such as Facebook, Amazon, Netflix and Google have been masking a much deeper decline for the rest of the market. When the market closed on Friday, 229 of the stocks on the S&P 500 were down at least 20 percent from their 52 week highs, and when you look at indexes that are even broader things are even worse.

For example, let’s take a look at the Standard & Poor’s 1500 index. According to the Bespoke Investment Group, the average stock on that index is down a staggering 26.9 percent from the peak of the market…

Indeed, the Standard & Poor’s 1500 index – a broad basket of large, mid and small company stocks – shows that the average stock’s distance from its 52-week high is 26.9%, according to stats compiled by Bespoke Investment Group through Friday’s close.

“That’s bear market territory!” says Paul Hickey, co-founder of Bespoke Investment Group, the firm that provided USA TODAY with the gloomy price data.

So if the average stock has fallen 26.9 percent, what kind of market are we in?

To me, that is definitely bear market territory.

The rapid decline of the markets last week got the attention of the entire world, but of course this current financial crisis did not begin last week.

…click on the above link to read the rest of the article…

Leaked Map Reveals Big Gas Is Setting Its Sights on the Most Biodiverse Place on Earth

October 25, 2015

Leaked Map Reveals Big Gas Is Setting Its Sights on the Most Biodiverse Place on Earth

Part of a map from Pluspetrol, an exploration and production company, showing its interest in areas of Manú National Park in Peru’s Amazon. (Pluspetrol)

A leaked map shows that a private energy corporation based in Argentina is eyeing Manú National Park in Peru’s Amazon, one of the most biodiverse places on earth.

In a detailed article in The Guardian, environment writer David Hill, who researches forest governance in Peru from his location in the Amazon, traces the back-and-forth of Pluspetrol’s apparent quest for the hydrocarbons beneath the protected land:

The map vaguely and ignorantly – or hopefully? Disdainfully? – calls Manu a “reserve”, where gas operations are permitted. Not so in national parks. Peru’s 1997 Law of Protected Natural Areas states “the extraction of natural resources is not permitted” in parks, while the 2001 regulations for “protected natural areas” states the “settlement of new human groups and the exploitation of natural resources is prohibited.” In addition, the 1993 Constitution “obliges” the government “to promote the conservation of biological diversity and protected natural areas.”

Manu isn’t just any national park. It is home to members of several indigenous peoples – the Matsigenka, “Matsigenka-Nanti”, “Mashco-Piro”, Nahua, Quechua and Yine – while UNESCO, which has designated it a biosphere reserve and World Heritage Site, says that the biodiversity “exceeds that of any other place on earth.” In early 2014 scientists described Manu as “top of the [world’s] list of natural protected areas in terms of amphibian and reptile diversity”, and back in 2006 other scientists found that the number of bird and mammal species is the “largest for any similarly sized area in the world.”

“For 10 years [Manu] has held the title as the world’s richest protected area for birds and mammals,” Bruce Patterson, from The Field Museum in the US, told the Guardian.

Hill writes that the map was featured in April 2013 in a report by the Peruvian nongovernmental organization Ecodess. So why draw attention to it now?

…click on the above link to read the rest of the article…

Ignore the Media Bullsh*t–Retail Implosion Proves We Are In Recession

October 15, 2015

Ignore the Media Bullsh*t–Retail Implosion Proves We Are In Recession

Here we go again. The dying legacy media will continue to support the status quo, who provide their dwindling advertising revenue, by papering over the truth with platitudes, lies, and misinformation. I have been detailing the long slow death of retail in America for the last few years. The data and facts are unequivocal. Therefore, the establishment and their media mouthpieces need to suppress the truth.

They spin every terrible report in the most positive way possible. They blame lousy retail results on the weather. They blame them on calendar effects. They blame them on gasoline sales plunging. That one is funny, because we heard for months that retail spending would surge because people had more money in their pockets from the huge decline in gasoline prices.

September retail sales were grudgingly reported by the Census Bureau this morning and they were absolutely dreadful. This followed an atrocious August report. The MSM couldn’t blame it on snow, cold, flooding, drought, or even swarms of locusts. So they just buried the story in their small print headlines. The propaganda media machine had nothing. They continue to spew the drivel about a 5.1% unemployment rate as a reflection of a booming jobs market. If we really have a booming jobs market, we would have a booming retail sector. The stagnant retail market reveals the jobs data to be fraudulent. The 94 million people supposedly not in the job market can’t buy shit with their good looks.

Despite the storyline about consumer austerity being the reason for sluggish spending, the facts prove otherwise. Consumer spending accounted for 68% of GDP in 2008 at the peak. Seven years later it still represents 68% of GDP. The difference is the spending has shifted dramatically towards services since the Wall Street created financial crisis. Spending on services has grown by 31% versus 20% for goods since 2008. Guess what has caused that surge?

…click on the above link to read the rest of the article…

Why Big Tech May Be Getting Too Big

September 28, 2015

Why Big Tech May Be Getting Too Big

Conservatives and liberals interminably debate the merits of “the free market” versus “the government.” Which one you trust more delineates the main ideological divide in America.

In reality, they aren’t two separate things and there can’t be a market without government. Legislators, agency heads and judges decide the rules of the game. And, over time, they change the rules.

The important question, too rarely discussed, is who has the most influence over these decisions and in that way wins the game.

Two centuries ago slaves were among the nation’s most valuable assets, and a century ago, perhaps the most valuable asset was land. Then came another shift as factories, machines, railroads and oil transformed America. By the 1920s most Americans were employees, and the most contested property issue was their freedom to organize into unions.

In more recent years, information and ideas have become the most valuable forms of property. This property can’t be concretely weighed or measured, and most of the cost of producing it goes into discovering it or making the first copy. After that, the additional production cost is often zero.

Such “intellectual property” is the key building block of the new economy. Without government decisions over what it is, and who can own it and on what terms, the new economy could not exist.

But as has happened before with other forms of property, the most politically influential owners of the new property are doing their utmost to increase their profits by creating monopolies that must eventually be broken up.

The most valuable intellectual property are platforms so widely used that everyone else has to use them, too. Think of standard operating systems like Microsoft’s Windows or Google’s Android; Google’s search engine; Amazon’s shopping system; and Facebooks’ communication network.

…click on the above link to read the rest of the article…

Canada Clears Way for Ecuadorean Case Against Chevron Over ‘Amazon Chernobyl’

September 6, 2015

Canada Clears Way for Ecuadorean Case Against Chevron Over ‘Amazon Chernobyl’

A protestor shows his black painted hand as he carries an Ecuador flag to protest against Chevron and the oil contamination in Ecuador’s Amazon region during a joined global demonstration in Madrid, Spain, in 2013.. (Andres Kudacki / AP)

Canada’s Supreme Court ruled Friday that Ecuadorean villagers can go after Canadian assets of the US-based oil major Chevron. The lawsuit has been one of the most bitterly contested environmental cases in history, involving a contamination that environmentalists have dubbed the “Amazon Chernobyl.”

From Al Jazeera:

The plaintiffs, who include about 30,000 villagers and indigenous people, decided to go after the energy giant’s assets in Canada, Brazil and Argentina after the company contested a ruling by Ecuador’s highest court to pay $9.5 billion to clean up the contamination site.

Communities in the Lago Agrio region of Ecuador allege that Texaco, which was acquired by Chevron in 2001, dumped some 16 billion tons of oil and toxic waste in the Amazon rainforest as a cost-saving measure between 1964 and 1992, Telesur reported. That’s 80 times the amount of oil spilled in the 2010 British Petroleum Gulf of Mexico oil disaster, the Latin American news website added.

Ecuadorian villagers and indigenous communities affected by the contamination allege that it has resulted in illness and death, Telesur reported in June, and that they are still suffering the consequences of Texaco’s actions.

Plaintiffs claim that Texaco attempted to hide the dumping by covering nearly 1,000 oil pits with vegetation. People eventually built homes over some of the pits, and began coming down with mysterious illnesses, it is claimed.

“It has been 33 years … and I never knew that this was a covered pit,” local resident Serbio Curipoma told Telesur.

…click on the above link to read the rest of the article…

What the Heck Just Happened in the Global Markets?

July 26, 2015

What the Heck Just Happened in the Global Markets?

It was the kind of day that shouldn’t have happened. Somebody dropped the ball at CNBC, or something.

Thursday evening, after three morose days in US stock markets, Amazon came out and said it made a profit! OK, a teeny-weeny profit of $92 million, a barely perceptible 0.4% of sales, a rounding error for other thriving companies’ with $23 billion at the top line. But for Amazon, the mere fact that there wasn’t a minus-sign in front of it, for once, was huge.

Its shares soared 22% after hours. The company’s valuation jumped by $40 billion. CNBC exploded with excitement. And Friday should have been a huge day for stocks.

But oh my!

From the first minute on, Amazon’s shares lost steam, drifted lower throughout the day and gave up half of their afterhours gain. The S&P 500 and the NASDAQ lost over 1%, the Dow almost 1%.

It topped off a bad week:

The Dow dropped 2.8%, its worst week since December 2014, broke its 200-day moving average, and is in the red for the year.
The Dow Transportation index fell 2.8%, its worst week since March, and hit a 9-month low, down 12% for the year.
The S&P 500 dropped 2.1%, its third worst week in 2015, and is up a mere 1% for the year.
The Nasdaq dropped 2.2%, its worst week since March.
The Russell 2000 swooned 3.1%, its worst week since October 2014

It didn’t help that Biotechs collapsed.

Biogen set the tone. It slashed its sales growth forecast for 2015 in half. Its multiple sclerosis drugs, its mainstay, are in trouble. Sales of Tecfidera, its main growth driver since its launch in 2013, ran smack-dab into reports linking it to brain infections. Sales of its injectable MS drug Tysabri and interferon-based MS drug Avonex both fell more than expected. And sales of Plegridy also disappointed. Shares of Biogen plunged 22%, wiping out $25 billion in stockholder wealth.

…click on the above link to read the rest of the article…

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