Federal Reserve Chairman Alan Greenspan finally got his way, as Friday's market hosing provided an exclamation point at the end of a horrific week in which the Big Three stock indices - The Dow Jones Industrials, the NASDAQ Composite and the S&P 500 - gave back the remainder of their gains for the year. The indices are now down on the new millennium.

Biotech still has its head above water - barely. The BioCentury 100 index is up 1 percent on the year, despite a 28 percent selloff last week, which includes Friday's 10 percent bloodbath. But the BC100 has traded down five out of the last six weeks and at 2016.68 is off 54 percent from its record high of 4369.55 on March 3 (see BioCentury Extra, Friday April 14).

Pilgrim's progress ignored

While life science companies and investors may be frustrated that fundamental news on products and earnings isn't stanching the selloff, they have little right to complain - fundamentals played little role in the runup.