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April 11, 2014 AT 9:50 AM
Carnage in the technology and biotechnology stocks continued on Thursday as the major averages erased all of Wednesday’s gains. Selling was heavy and there were some signs of panic liquidation. The ARMS Index closed at 2.37, which is just below the March 13 high of 2.48. At the February 3 low, the index closed at 3.42. Those stocks that have borne the brunt of the selling show no signs yet of a bottom, while other stocks, both in the US, and overseas, do look much better. The Nasdaq Composite lost 3.10% Thursday and is now down 2.93% for the year.