Last week, the sudden and swift decline in both media and biotech stocks had traders pressing the sell button. The Dow Jones Industrial Average had seven straight losing sessions, the longest streak since October.
Overall, approximately $45 billion worth of market value was lost last week among major media companies. The biggest losers were marquee names like Disney, Time Warner, 21st Century Fox and Viacom, widely considered by analysts to be the industry's leaders.
In an era where consumers are "cutting the cord," or shedding pricey cable television packages in favor of specialized options or Internet streaming media, Wall Street fears many media companies could lose precious viewers and ad dollars.
Yet despite the bad news, one closely followed technician says that it's providing investor with a great opportunity, and he planned to buy the dip.
"Stay the course," Rich Ross of Evercore ISI told Fast Money on Thursday.