the big biotech firms, like biogen and gilead were worse. between 4 and 7% each. even among strong performing tech stocks, the biogen was a leader for a long time. and now there's a drag on it, and the sector is dangerously close to bear territory. the nasdaq has lost 18% since it peaked in february. 2 percentage points shy of the classic definition of a bear market. that's when biostocks doubled. and perhaps, taking down the rest of the market with it. ut it's not all panic. not yet. when we see panic sellouts, they have more velocity. and sure all have seen losses year-to-date. from the beginning of the year, they're down by this%. the dow has come down 2. 5 percent in 2014. the nasdaq even more, losing 2. 9 percent. the more diversified s&p 500 index has been holding its own though, shedding just eight tenths of a percent year-to-date. it appears investors are ditching so-called "momentum" stocks, like tesla, facebook and biotech listings. these companies don't necessarily have great earnings today, but investors love them for their future growth prospects, the

you'd step into biogen, down 22%, and what is it, medvan? >> yeah, down about 35%.ok at biogen, it's trading around 21 times, low 20s, and next year's number, we think growing 20%, 25% over the next three to four years. they're launching three new products this year. they have six other drugs they'll be releasing data, kind of midstage data from their pipeline this year. they're a leader in multiple sclerosis, and we think they'll beat numbers, so you have a kick cyclical story that we think is interesting. and celgene growing at 20%, 20 parse, and the reason it's 14-time ter another is because of a patent concern. we think they'll prevail on the patent battle. we'll start getting clarity midyear and a great pipeline on top of t both of those are actually very compelling. both on pipeline and sustainable growth. >> all right, doctor, thank you very much for joining us. from citi. >> all right. >> we can set up a debate if you will right here, as we talk about trading the things between the big, the small. >> right. >> we were actually debating between pharma and bio

in particular, with biogen reporting tomorrow.hink the stock still has up sight. >> what's the deal with apple? >> it didn't give fundamental reasons for why the stock has been range bound. that followed a period where the stock was up almost $200 from last summer to mid december and gone sideways. that's not bearish. if anything, it creates a better risk reward in my view to own these stocks versus some of the other high fliers. it's difficult to pin point bottoms like chipotle. a lot of people are saying apple is still cheap. it still looks like a good risk reward in my opinion. the key level to watch is up near 543 to 549, that being former month live highs. it's position long in my view and thinking it's going to get over that area and move up to at least 570. any time you see a long period of consolidation following a up-move that still is constructive as to the continuation move back to the up-side. >> consolidation is not going to last longer. we have had cases of stocks that had extraordinarily long period of consolidation

. >> biogen ceo speaks with us exclusively about what's driving this company raised earnings outlook.hs one of the more volatile groups. a lot to talk about with him right after this break. r this b. i jbut they blacked me out.ht these miles are useless! that's turrible. and all the other dates are triple the miles! triple the miles? that's as useless as chuck at a golf tournament. or you at the three point line. or you in a spelling bee. you gotta switch to the venture card from capital one. you can fly any airline. no blackouts. that's what i did. i don't say this often -- but listen to the ref. i can't believe i said that. don't get blacked out, get the capital one venture card. earn unlimited double miles on every purchase, every day. good on any airline or hotel. what's in your wallet? that corporate trial by fire when every slacker gets his due. and yet, there's someone around the office who hasn't had a performance review in a while. someone whose poor performance is slowing down the entire organization. i'm looking at you phone company dsl. go to comcastbusiness.com/ checkyour

like they like biogen's ms drug because it maintains, doesn't cure. this drug after 12 weeks you might be done with it. after 8 weeks you might be done with it. the population is big. there was a terrific article in market watch that said look, if everybody who had to take this drug takes it it's $330 billion in sales. but it's -- might be one time only. >> and then done and then all of the side effects and all the other add-on effects of having help c, getting cirrhosis down the line, diabetes, all the things that conceivably accrue as a result of this disease, no longer happen. >> yes. >> and so you may be saving the health care system money. >> that's the issue. >> $84,000 a year price tag is a big number why people go whoa. wait a while. >> they have standard of care in the conference call and the standard of care is not -- it's not that much cheaper when you consider all the complications you just cirrhosis, diabetes. this is the crux. gilead will be the crux of the health care in our country. this is the debate over the next 18 months. >> the pr

we are seeing stocks like facebook, biogen really in the leadership right now, and even some momentumere down before the minutes turn .igher -- tesla, amazon.com stocks are really loving it for .ow that may only last until the next fed speech, but to me, it is interesting that what really spooked the market last time in march was not so much the meeting itself, but janet yellen's press conference afterwards where she hinted that while the tapering will probably be finished by the fall and then rates will increase six months after that, that is what really spooked the markets. it's interesting how they handled that. obviously, they are minutes of the meeting, not the press conference afterward, but you almost wonder if they were trying to address her press conference afterward. >> anticipating that she was going to get some kind of timetable. thank you for giving us reaction to these fed minutes. we'll be on the markets again in 30 minutes. "street smart" is next. ♪ >> more on what the fed said in just a few minutes. "street smart" starts right now. >> you are watching the most importa

i'm saying when you take it out, you tell me what is going to compel biogen on come up with the next biological drug to cure lou gehrig's disease or any other host. >> government has to be involved with start up, alpha funding. but when it comes to getting patents and generics out enableing the american people to have lower prices for pharmaceuticals this government sailed, president obama should have done something about medicare part d . neil: i will point-out that you know, 38 of the top 50 life saving changing drugs, for a host of illnesses, many fightal prior, have come out of this system, this for profit mentalty, i worry if you get rid of that, with best of intentions you will kill people. >> the pharmaceutical companies spend more on company than on -- on advertising than on r&d. >> nih is not coming up with next cue for cancer. >> a lot of research scientists contributeed to the drugs a at - that the pharmaceutical companies capitalize on, this is not about putting them in a saintly grandfather of american healthcare role they are far from that. >> thank you, i respect you.

>> i'm focusing on vertex bio n biogen.ve got a cystic fibrosis drug on the market and they're testing it with another cystic fibrosis drug. it could expand the population. and so that could potentially be a 4 billion combo drug u it could go up to 100 if their negative goes up to 40. this is a really big binary event. >> what are the terms in being favorable or not favorable. >> he's a little more neutral about it. >> you're looking at biojen. he this have two hemophilia drugs out there. are they a catalyst? >> they are, in addition to another drug. these are the big drivers in biodrugs. they've got a drug in alzheimer's, lupus. they say look to the earnings companies when you're in a tough spot like you are in biotech right now. >> vertex, that sounds like the perfect -- it's a trade event. >> i traded it yesterday. i did not trade it today. and i traded out of it yesterday. it made a very nice pop. >> how do you trade that if you have this probability of extreme upside or down side? >> i'd have to look at the dates becau

hiding, spell if as a matter of fact investors are willing to pay $45 billion for allergan, or even biogen, celgene, and yes gilead with the remarkable earnings, they could be targets, too. oh, and woe to those who bet against gilead, one of my favorite companies from get rich carefully. these stocks had all been totally overwhelmed by new biotech supply flooding the market for a period of seemingly endless ipos that i hope is dying down. today the group came roars back. who have thuvg they were also undervalued. retail has been a real drag, then along comes an upgrade to home depot by wayne hood on top of blowout numbers for harley-davids harley-davidson. the ax is an analyst who has been the best at calling direction of a particular stock. today wayne hood, who i regard in the know the most about home depot, said it's time to buy. harley davidson ran over the short sellers after a monster good quarter. nobody needs a harley. to me people are spending on superfluous goods again. a real break to the retailers, hey, many have been saying that if gasoline kept going up, plus fuel is such a b

back to the nasdaq is getting slammed and it's not just technology trade we have priceline, netflix, biogensla, amazon all are down by anywhere from four-5%. this index is the steepest one-day drop in nearly two years and a 2.82% drop on june 1, 2012. let's get to joe ling. you have been talking to traders and analyzing what is at the heart of the fall? for mac those just happened and a lot of investors concerned about whether these companies that have hit big highs lately if they can continue to generate profit if they can be the high value stocks. investor streaking away a bit going to say he didn't like utilities. a lot of other still in the red at the nasdaq. utilities have been doing alright today, slightly in the green. we are looking at a situation that could be the worst in two years. we have an hour to go, but traders saying that it's not the jobs report it's actually looking at how many highs we have seen of the last year, last two years and maybe stepping a little bit away from that and going to havens. >> it's easy to point out the tech names like google, but i'm also looking at

the names of some of the nasdaq 100's worst performers, intuitive surgical, biogen down two and two-thirds at gilead sciences, down more than 3%. what's up with gilead? dropping after reports that express scripts, the largest u.s. pharmacy benefits manager, it wants climates to stop using gilead's hepatitis c treatment once a rival medicine is approved, so gilead moving lower today. and we follow the jobs market very closely here on countdown to the closing bell and fox business. today we did receive some encouraging news on that front. the labor department says employers advertised 4.3 million job openings in february, that's neary 8% higher than in the preafs month and the most since january of 2008. if you been to the movies lately, seen anything in an i max theater, totally fabulous experience for these of you who have watched either 3-d or regular movies, right? probably know why big screens are so popular, they are hugely popular in china. and now imax has just cut a deal that will expand its presence in china. in a first on fox business interview, we get the lowdown on imax's big ch

two healthcare names, biogen and my lynn and then facebook is another one. these stocks have pulled back and they're trading just above where they broke out from in january. so you have a defined risk. >> you pulled out these names because of the big move in the month of march but you like the technicals. >> right. >> let's look at facebook for instance. what we're seeing at least here to date maybe not the month of march specifically facebook is doing quite well compared to twitter. i'm wondering how that factors in? >> it's a three-prong approach here, four when you include the seasonalities. we look at the fundamentals, the technicals and the sentiment. t the fundamentals, you want to look at what's going on with analysts' forecast and where they are even though it's highly valued to their peer stocks and so you can compare facebook and twitter, facebook has been better metrics than twitter. >> with your analysis you're going to need a market that moves higher from this? most stocks move with the overall market, so can we carry that forward with s&p going

celgene, biogen and a nice rebound for the group, sue. >> indeed it is, thanks so much, seema. 58 minutes before the fed minutes are released. we have a lot on our place this hour, including two big downgrades by hershey and gm, morgan stanley putting gm at underweight. the firm sees the auto cycle as having peaked. the truck segment is under pressure. the analysts also thinks the global auto industry is entering a period of significant technology disruption. morgan stanley's price target goes to $33 a share. we are effectively there. it's 33.79. the stock is already down about 18% year to date. let's move to hershey. goldman sachs cutting the chocolate company to a sell. the firm says international momentum will continue, but u.s. momentum is fading due to competition. the stock is also on a downward trend, off 6%, off 2.6% in today's trading session. sara eisen covers the consumers, phil the autos. your thoughts on the morgan stanley move, effectively they were very, very late on this if you're going to cut, we're effectively at the $33 price target. some people say, what's new here? >>

. >> biogen down 4% today. vertex pharmaceutical, sheila, down more than 3% today. a front row seat to the carnage. what's going on? >> every area of the nasdaq is getting hit hard today. nasdaq composite down 2%. nasdaq 100 down over 2%. so a lot of losses here. 90% of the nasdaq 100 is in the red right now. it is every single area that you guys were just tacking ability. the bios taking a hit. down 3% on the day. all the momo names we love to talk about. netflix, amazon, tesla, all getting hit hard. even the large cap tex. we've seen a couple of good weeks for the large cap names. today they are bringing the nasdaq down. microsoft, facebook, google, amazon is nearly in bare market territory for the year. down about 19% year to date. here's what's interesting. when you talk to traders about the action of what's here, what's happening at the nasdaq, they're saying, looking over the past couple of weeks, we have seen a couple of pull backs and corrections. they tried to get in there, tried to play the bounce nape got hurt hard and that's worrying the markets here. th

bioagag biogen down, gilead down. if you thought there would be any sort of pillar of strength or foundation maybe to start putting there, it doesn't look like it's working yet, doc. >> no, and i traded a lot of the names yesterday, and because i'm trading in a tax-deferred status through 401(k) and i.r.a.s for both myself and my clients, i got in here and took profits yesterday, because you had stupid amounts of gains. you had 6%, 7% across the board. all of the names he just named, folks, i won't reiterate. i will say that virtex, it was holding most of the gains, and the rest had given back about half of the gains from yesterday. and stocks like proctor & gamble, this is one i think a month ago i talked about when it was 75 bucks, traded up here, almost $82 now. this is a great name, proctor & gamble. it's continued to do well. and i think what we've seen is the lack of a trend. i loved when pete pushed back on monday on the show about, well, the trend in this -- they were talking financials at this -- the trend is

so many biotech ipos investors need to sell like a biogen, gilead in order to raise flags. when i tell you it's crushing growth companies, that's how it works. it's all pin action, people. no wonder that group has fallen for five straight weeks and now down an average 22%. take a look at the chart of the btk, bob, ted, ken. supply overwhelmed demand. if the market hadn't rallied at the end of the day we would have had still one more ugly biotech close. the group gave up the ghost after a strong opening. that's now become a common pattern. please don't buy the tape at the beginning of the day. tech, 11 deals in the first quarter mainly cloud based software service plays. most of these ipos were both unprofitable and super expensive on price-to-sales, of course no earnings, price-to-sales basis. bio tech there are a lot that did well in the aftermarket and a lot that did poorly. but the cloud stocks are starting to follow a common trajectory. they roar first and then get completely clobbered in the aftermarket. coupons.com went from $16 to $30 in the first day of trading and

now among the individual loser in the s&p 500, check out vertex pharmaceuticals, alexion, biogen, all down 2% on the day. if you're looking for momentum, not just netflix and pandora. >> steve weiss, even on this program he said, i don't know where it's going to settle out. i still like them long term. i can't tell you where they're going to pull back too. >> momentum cuts back both ways. you have a number oom people to come in and try to bottom fish. murphy came in, for example, and made a very astute buy in gilead. the long-term big case on big cap biotech is still intact. >> scott, there's no support for the ibb until 200. that's a reasonable level where the index settles out. however, if you're a stock picker, i think the big ones get too cheap once the index gets there. and i agree with steve weiss, these are fabulous businesses. short term, though, this is a falling knife. >> no, look, i think from isi, he loves these stocks longer term. >>> another high profile executive leaving jpmorgan, commodities head blythe masters departing after 27 years and kate kelly has breaking news

trip adviser down more than 4.7% the last time i checked, directv, biogen all down, and nasdaq hovering4,000 line. i've been e-mailing with traders and analysts, and they are wonder oring about the china factor. we woke up to that news two days ago of the weak export and be, those trade numbers not coming in well and wondering if global demand is really having the silent impact that not very many people are considering as the real reason we're seeing this flight of the nasdaq, down almost 1.5% today, liz. liz: some of the companies that have had trouble recently are moving lower. scott, we've got spewtive surgical -- intuitive surgical, although directv has been a beautiful flier here, it is down 3w.73% at the moment. scott, we saw that flight to quality into treasuries. is it orderly? tell me what the pits are like right now, give us some feel. >> yeah, it is pretty orderly. be you rewind back one week, that jobs number when we had the stocks and they melted, and we came in on monday with bad chinese export numbers, and then you've got to be kidding me moment of the week was the greek

biogen, so the biotext are being very, very closely watched.he dow. >> nasdaq has fallen down since march about 8%, and we're currently sitting just above the 4000 mark, the technicians out there, 4000 mark is very crucial. "closing bell" is next. have a great weekend, everybody. hi, are we still on for tomorrow? tomorrow. quick look at the weather. nice day, beautiful tomorrow. tomorrow is full of promise. we can come back tomorrrow. and we promise to keep it that way. driven to preserve the environment, csx moves a ton of freight nearly 450 miles on one gallon of fuel. what a day. can't wait til tomorrow. [ female announcer ] f provokes lust. ♪ it elicits pride... incites envy... ♪ ...and unleashes wrath. ♪ temptation comes in many heart-pounding forms. but only one letter. "f". the performance marque from lexus. >>> welcome to "closing bell" on a friday that's been a rough week here for the market. i'm kelly evans here at the new york stock exchange where we are seeing a familiar pattern today. bill, we opened up looking okay and we've since

you talk about the names, biogen, big tech names as well with google.own nearly 7%, tripadvisor has been a winner and a loser in the past 48 hours, jumping yesterday. so what was giving yesterday taken away today. all this volatility sending the fear index surging 14%, getting very close to 16% right now, 15.81 for those of you listeni listening. today the spell off with a flight to safety with investors trying to buy consumer staples and utilities in fact it is not what is jumping, but what is getting hit the least. down fractions of a percent, looks like kimberly-clark trying to make a go of it up $0.22 or a quarter of a percent. i am looking in the biggest percentage losers on the nasdaq and i wanted to quickly do this. lumina down 7.5%. citrix, which has had a very tough time, down about 7% as we mentioned that bath and beyond, tripadvisor coming up with numbers yesterday after the bell. it is getting hit. walk you and talk you through all of this drama. jo ling kent at the nasdaq along with the cme group and the nymex. let's get to you first becaus

biogen, celgene, regeneron leading the way. sales come in below forecast. due to research and development. those rnd spots. one bright spot, alexeon pharmaceutic pharmaceuticals. certainly in focus, sue. back over to you. >> sure is, as is the housing industry. dr horton soaring on the back of its earnings beat. that stock to the upside. that's not the only big news. the nation's biggest home builder also unveiling a brand new target targeting first time buyers. diana joins us with details on that one. >> after reporting strong earnings from a focus on higher end homes, dr horton, nation's large largest home builder is turning the tables announcing a new bargain brand, express homes which target the entry level buyer. express homes priced between $120,000 and $$150,000. this market is underserved. there is demand, he said, there is not product. the low end of the housing market which was largely millions of distressed homes following the housing crash, all cash investors who turned the homes into rentals. first time credit dependent buyers just couldn't com

alexion pharmaceutical and also b biogen, losing a whole lot of ground.ly feels like the ibd has become the poster child for this momentum or no-momentum sell-off we've seen in the market. some are saying maybe it is even the new conviction which traditionally has been the fear gauge on wall street. >> i'm having a little trouble here with the birthday party. but, yeah, biotech obviously has been a dramatic and substantial outperformer. that's been led i think by a lot of innovation. i know we'll talk about hepatitis c and some of the groundbreaking new drugs that are reaching the market. i think that what we are seeing is a correction. obviously everyone is asking the question is it over. i think that certainly nothing goes up to the sky each and every day, but again i think we are seeing true innovation in the sector, maybe stocks got a little ahead of themselves but i think there's still going to be demand for these life changing therapies that we are seeing and the benefits that will throw to the companies involved. >> the sell-off is ridiculous in ce

some of the biggest losers we would like to show you, directv, biogen, trip advisor, intuitive, vertex pharma, ending solidly in the end. there were some winners. sir rum xm radio. gilead sciences turning around a pretty bad couple of days and one of the few biotechs actually doing well here. as you know we've been discussing past couple years, biotech, nasdaq index down solidly. now in a bear market. liz: you know the headlines, everybody, are going to read that the nasdaq closed below 4,000. that alan knuckman, the 30-year started to jump to its session highs right at the top of the 3:00 p.m. eastern hour. let's talk about the sentiment in the pits and what you think is really happening. this is an awfully strange week, where in the middle of the week we had some of the best days we had ever seen because the fed came out and was very dovish. >> right. it was two steps forward. we've taken two big steps back. we've taken out the lows we've seen monday. looking at it from my terms we did not go much lower where we opened this morning. we saw a gap lower. we filled the gap. it was disap

he prefers certain names over amgen and biogen. muchys we are seeing too of a correction.ould go back to what we are talking about yesterday. think about when this selloff in biotech began. it is when congress started pushing back on gilead for that $84,000 price tag for the new hepatitis c drug. it is a lot about the pricing power of these companies. our insurance companies going to pay these eye watering price tags? triggered the selloff. futures are in the red. we will be on the markets again in 30 minutes. >> we are trying to find explanations on when the sentiment turned against biotech and tech itself. thank you. someone who also was not having a great time in the markets these days is bill gross. he has been doing some soul-searching lately. the departure of his right-hand man, the ceo, mohamed el-erian, from pimco, left a big hole and the offices of the world's largest bond manager. a left bill gross with a lot of questions about himself. and the way he runs it. >> i spoke about something like this causes one or should cause one to re-examine yourself. the michael

already biogen. charles: this is where i had a week ago. the biotech sell-off, i got to tell you, this should be on everyone's 401(k), there are kings of multiple sclerosis, a new drug applications, six drugs in phase 3, missed earnings by a small amount, and this year and next year's earnings estimates. this is a three $60 stock. is a juggernaut. stuart: that is fast. that you were fast because the judge is here. there is this. back to the irs and lois lerner's attorney, the letter to house republicans asking an opportunity to address the house ahead of the next contempt vote. recalls that the, quote, and american, and fair. all rise judge andrew napolitano. you can ask a question about t.a.r.p. momentarily. diane dagen: thank to do so. stuart: okay. the lawyer says 1-2 address congress directly. does that get us closer to the truth? judge napolitano: no it doesn't. directing congress, members of congress will be there, physically there and direct congress directly by writing the letter which presumes they will read the letter. two very bi

growth, they want to stay in drug, glaxosmithkline would be much better, even novartis, but why not no biogenowing at 20% a year for the last five years. it would be nuts. if they make this deal, i think it would be a disaster for both companies. stuart but both companies' stock up -- >> i know. often we see the two behemoths in the same industry sort of lock on to one another. it won't be the solution. stuart: all right. excuse me. springtime cold. chest is acting up. sorry about that. [laughter] looks like ethanol may not be with as green as earn thought. back to katie pavlich. please be our reporter on this one. who is saying that ethanol is worse than gasoline for the environment? >> so a new study commissioned by the federal government to the tune of $500,000 that was peer reviewed by a scientific journal says that ethanol burns more global warming gases, co2-type gases than regular traditional gasoline does, proving that we're spending billions of dollars in taxpayer money to uphold a part of the energy sector that, a, can't survive on its own and, b, is worse for the environment than e

biogen, on and on. a huge run over the past year and they're coming back to earth. >> we're going to take this up later on and speak with an investor, but we want to get to our second front-page story. personnel changes in washington. this enrollment period for obama's health care has ended. kathleen sebelius, secretary of health and human services, is resigning. she was of course blamed for the problems with the rollout of obamacare, and the white house theunced that it succeeded 7 million, so she gives to leave on a little bit of an up note, if you can call it that. what we know about sylvia burwell? >> no question, this is important, we move on from civilians -- sebelius. burwell is the new kid on the block. >> she does have a resume that people in washington know well. very important is a vote to chief, her as a you omb 94-0. that will be a huge issue because of the rules changes, but she can get in the job right away, get up to speed and running, and she is not necessarily tainted with the same bru

. >> we have the ceo of biogen on yesterday, i was sort of busting his chops about the price of drugs and we were discussing gilead's $1,000 pill that's been such an instant blockbuster for them but at what price to the patient out there. and he said, you know, he felt drugs themselves, drug prices are unfairly singled out as a reason for the increase in health care costs. he said medical costs are much more to blame for that rather than drug costs. where do you stand on all that? >> so our costs for the first qua quarter were about $30 million but i think we expect them to rise higher. a treatment in the united states costs $84,000. that same treatment in europe costs $30,000 and that same treatment in india costs $3,000. those differences are kind of hard to explain. >> with all due respect, some of that -- wouldn't that be insurance because the producers themselves know that there will be a reimbursement by depocketed insurers so they can charge more than they would otherwise. otherwise, if there was no insurance they wouldn't get that kind of money from uninsured patients. >> that

my two picks, gilad and biogen.hould be bought here and bought aggressively. >> gilad, the one that started this whole thing when henry waxman and congress questioned their pricing of a drug, right? >> yeah, absolutely. the stock's come back. stock came in from what, roughly, i don't know, sub 71 from 85. stock is going higher. got a $95 target on this stock. >> okay. >> and i'll tell you, this drug that they have is a very, very -- it eradcates hep-c, pricing shouldn't be an issue. >> in the meantime -- sorry, go ahead. >> i said pricing shouldn't be an icing, kelly. >> yeah. craig, what's interesting to me about one of your picks is almost important. it has the ticker hero. i'm assuming that's just a coincidence. >> hercules offshore. what we see is we need a correction. we need, you know, it's been i guess two and a half years since we've had a 10% correction. i thought that was a long time, but i noticed there was no 10% corrections between '90 and '97, and there wasn't one between '03 and early '08, so these th

amgen, biogen and krechlt lgene also down today.ours have been a crazy market. >> wild. the u.s. economy is improving but is it proving enough to actually support prices at this level. if is going to get a lot better it makes sense to sell those big momentum names an rotate into old school names where you can get growth at a reasonable price. ibm, caterpillar, great year. microsoft had had a great year as well. that makes some sense but there are -- bears are arguing that the economy is not going to be strong enough, that we are not going to see the 3% gdp and therefore the overall markets should weaken. we haven't seen that dramatically yet. we see a little hint of it today but that's the dehe bait, what's the economy going to be. are we going to be 3% gdp or not? >> someone in the market who can actually settle the debate. terry? >> i don't know if i can settle the debate. but the chart from january until now, the market's really gone nowhere. i think bob's right on the money in terms of the fact it's been a stock-picking kind of

among the big movers today, clovis, celgene, alexion, biogen, so the volatility continues in the biotech what are your thoughts as you see that yet again? >> i think they're somewhat vulnerable. the nasdaq has given back basically all of yesterday's gain, and that has a good degree of significance. i think the viewers want to watch if we break the nasdaq composite breaks 4,100. that may bring in some residual selling. certainly if we break 4,050, then i think you may get some anxiety selling, people saying, "wait a minute, this isn't working. this bounce has been a false bounce." now, i'll throw in a little bit of wall street folk lore, having done this 50 years, but traditionally it is assumed that the thursday before option expiration week has a higher rate of volatility than almost any other day. and probably 70% likelihood of being down. >> but you have cautioned before on what happens when biotech leads a sell-off. do you think there's any reason to believe there's anything more auspicious going on beyond just that folklore? >> the thing that's troubling to me is take a look at the