Momentum Stocks Are Getting Smoked Again

The Dow and S&P 500 are flat for the day.

But the Nasdaq is down a 1%.

And this is reflective of the ongoing "internal correction" out of the once high-flying momentum stocks and in to more boring, yet stable large-cap stocks.

"All I'll say is that you'd think investors would've learned from the Tech bubble and housing bubble, but I guess they were just dying to touch the hot stove once again," said Rich Bernstein in a recent email to Business Insider. "Now they're getting burned."

• Intuitive Surgical is down 3.3%.
• Amazon.com is down 2.7%.
• Netflix is down 2.5%.
• Priceline.com is down 2.4%.
• Google is down 1.7%.
• Chipotle is down 1.6%.

The once red-hot biotech sector is down 1.7%. Below is a one month look at the iShares Biotechnology Index (IBB) and the S&P 500