Momentum Stocks Are Getting Crushed Again

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Momentum stocks are getting crushed again.

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In trading action eerily reminiscent of that seen in March and April, momentum stocks like FireEye, Zulily, Yelp, and Twitter are taking a beating today.

FireEye is down almost 8%, while Zulily is down 8.3%, Yelp is down 7.5% and Twitter is down 7.3%.

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The Nasdaq, which houses many of the internet-related stocks, is down 1.3%, or 58 points. On a percentage basis, the Nasdaq's loss is more than double the decline of the S&P 500 and the Dow, which are lower by about 0.6% each.

On Twitter, Bespoke Investment Group said, "Momentum names acting like they did in March and April last two days. Definitely going to hit sentiment hard."

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CNBC's Carl Quintanilla also said that this is the worst 2-day decline for the Nasdaq since May 6-7.

Over the last 18 month bull market, the Nasdaq and the small-cap Russell 2000 have outperformed the S&P 500 and Dow.

The indices and stocks that lead on the way up, however, often lead on the way down.