Wednesday's horror show also included a 10% correction of bellwether gold stock Goldcorp ( GG). No one saw this coming, and the stock closed at $33.17, down almost 10% from Tuesday's closing price.

Again the culprit was unexpected bad news. The Canadian mining company lowered its 2012 production guidance because of operational problems at two mines.

The Vancouver, B.C., based precious metals producer cut its full-year gold production forecast Tuesday to a range between 2.35 million ounces and 2.45 million ounces. That compared with its previous 2012 forecast of 2.6 million ounces. Goldcorp also predicted it would produce between 30 million and 31 million ounces of silver in 2012, compared with its previous guidance of 34 million ounces. Its copper forecast was unchanged at 110 million pounds.

GG also attributed the changes to an inadequate water supply that limited plant operations in June at their Penasquito mine near Mazapil in north-central Mexico. The problem will impact the mine throughout the second half of the year.

Here's the one-year chart for GG showing how close it is to its 52-week low. GG Chart GG data by YCharts

Perhaps the biggest loser Wednesday was HHGregg ( HGG). The appliance and electronics retailer cut its full-year forecast and posted first-quarter guidance well below Wall Street expectations. The stock plummeted 36% on heavy volume.

So enough horror stories for one article. How about a buoyant stock like Chipotle Mexican Grill ( CMG)?

CMG has been a highflyer among restaurant and fast-food stocks for some time. The five-year chart below shows its price trajectory compared to its price-to-sales ratio. CMG Price / Sales Ratio Chart CMG Price / Sales Ratio data by YCharts

For those of you who own CMG, which is well off its 52-week high of $442, I'm yelling "watch out below," because it still looks ridiculously overpriced.

Why would anyone want to own a stock that is selling at a price-earnings-to-growth ratio of almost 2, based on five-year expectations, and is also selling for five times its sales?

Granted they make wonderful Mexican fare, but CMG is trading at a trailing price-to-earnings ratio of 52, and a jaw-dropping forward P/E of over 34.

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