As the Nasdaq nears the important—10 percent correction level, a number of major Nasdaq-100 stocks are down even farther—bear market territory, or a loss of 20 percent.
Read MoreStocks fall, with Nasdaq hit hard
It's about to get way worse for this lagging sector, according to a market technician at Sterne Agee.
The publisher of the "Gloom, Boom & Doom Report" expects the peak to be within the next month or two.
China's extended rally and two mega-mergers are helping cap the downside of a suddenly dour market.
Virgin America filed for an initial public offering of shares as it looks to expand in the recovering U.S. airline market.
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