The people shown on the photo below, also known as "the people in charge"... ... have a warning for the algos. First, a step back. Two months ago, none other than Janet Yellen warned that a bubble is forming in some equity sectors, namely biotechs and social media when the Fed said that "valuation metrics in some sectors do appear substantially stretched—particularly those for smaller firms in the social media and biotechnology industries, despite a notable downturn in equity prices for such firms early in the year." The warning was ignored, and as a result both biotechs and social/tech stocks have soared to fresh ... (full story)