The Mini Tech Crash Is The Biggest Story In The Market Right Now

REUTERS

If you're just looking at broader markets these days, things seem kind of quiet. Markets have been slipping a little bit, but nothing too special.

But actually, there's been a lot of pain in a specific area: High beta and tech.

This tweet from Sammy The Walrus captures a lot of it: "We have a mini tech stock crash going on. AMZN at 6-month lows. Down 12% in a week. GOOG down 6% in a week. Twitter down 14% in 3 days."

Others have been getting hammered as well.

Facebook is down to $59 from a high of $72.

The Social Media ETF SOCL is down over 2.5% just today, and it's down 17% from recent highs.

Tesla is down 21% from recent highs.

Then of course there's the biotechs. The big biotech ETF IBB is down 15% from the highs.

You can read into this as much as you want. If there were to be a big selloff, then you might surmise that it would start with selling of these risky, speculative companies. Or it could just be a momentary pause.

But either way, this is the story to watch in market right now to see how it develops.