Well, in the past month, things have gotten uglier, and at one point this morning, the index had plunged more than 30% from its February peak (now down 28.8%) after tumbling a whopping 7% yesterday.

Commenting on this furious reversal and the chart above, this morning Rabobank's Michael Every - who evoked Jaws in his daily post for several other reasons - said "do you know what the graph of that particular market segment is starting to look like to me? A shark's fin: and if that is indeed the case, we would soon see happy young traders suddenly pulled underwater and tossed around like rag dolls."

Of course, this won't be the first time "happy young traders are pulled underwater", nor the first time that unprofitable companies explode higher only to crash immediately after. While many current traders won't remember, and many may not even have been alive, an almost identical pattern presented itself in the run up to the bursting of the dot com bubble.