Floods of paper...rainclouds looming?

Judging by the amount of money brought in last week by publicly held biotech companies, one would have difficulty discerning that the tech market (yes, including biotech) is in a nasty funk.

Seven PIPEs, two IPOs and three follow-ons raised $1.2 billion. The feat is more impressive in a week in which the biotech market was hit with profit taking that drove the BioCentury 100 down 10 percent. The index has fallen 16 percent since the Nov. 7 U.S. presidential election, and has now surpassed the 11 percent drop in NASDAQ composite. NASDAQ traded down only a fraction of a percent in a volatile week last week. ...