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Momentum stocks slammed—Is the bottom near?

The FANG stocks: Facebook, Amazon, Netflix and Google
Adam Jeffery | CNBC
The FANG stocks: Facebook, Amazon, Netflix and Google

The sell-off in momentum stocks is accelerating to the downside. Is it time to buy or is there more pain ahead?

The Nasdaq 100, which is a good proxy for momentum as the index includes high fliers in the Internet and biotech sectors, is down more than 7 percent this month and has fallen nearly 14 percent for the year.

Moreover, the four FANG stocks are on average down more than 17 percent this year versus the S&P 500, which has fallen about 10 percent. FANG is an acronym created by CNBC's Jim Cramer for a basket of high-growth technology stocks — Facebook, Amazon.com, Netflix and Alphabet (formerly known as Google).

Even billionaire Mark Cuban is de-risking his Netflix investment during this downdraft. He said Friday that he bought put options to hedge against his entire stake in the streaming video company.

Here is what Wall Street's top analysts and traders believe about the near-term prospects for momentum stocks.

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