Biotechs don't have a friend in sight

|By:, SA News Editor

iShares NASDAQ Biotech Index (IBB -5.8%) continues its down trend today on a 50% spike in volume. The index has lost 20% of its value since its February 25 high of $275.40.

The index is now perched above the key support level of its 200-day moving average.

If this week's decline holds it will mark the seventh straight on high volume.

ETFs: XBI, BIB, BBH, FBT, PBE, BIS