NEW YORK (TheStreet) -- The Nasdaq had an awful day Thursday. The PowerShares QQQ Trust, Series 1
(QQQ) , the exchange-traded fund that tracks the top 100 stocks in the tech-heavy index, hemorrhaged 3.1%, its worst one-day decline since 2011.
The sharp selloff was a dagger in the heart for many investors who were hoping for a relief rally over the next several weeks.
Although the selloff doesn't appear to be all that bad, it has been a nightmare for many momentum and technology investors.
The S&P 500 is only down 3.2% from the all-time high it made earlier this month, but the Nasdaq Composite index is now off nearly 8% from its all-time highs made in early March.(TWTR) down 38.5% from the highs -- and into low valuation technology stocks such Microsoft (MSFT) and Intel (INTC). To some degree, this is a warranted move. After all, we've been warned about investing in highflying companies with little or no profit, as the stock prices doubled or tripled throughout 2013.