The Nasdaq has started the year with a bang! Or should I say "bust"? Only a furious rally over the last two days of the month saved the tech-heavy index from the single worst January in its entire history. Instead, the Nasdaq dropped "only" 8.98% last month, making it the second-worst January on record. The top spot still belongs to the 9.89% drop in January 2008 during the dark days of the financial crisis. But that 8.98% decline doesn't tell half the story. Things are much worse than they look on the surface... You see, the smaller companies in the Nasdaq have been absolutely destroyed. Bank of America (NYSE: BAC) recently reported that an incredible 2,648 out of 3,682 stocks in the index have entered bear market territory, defined as a decline of more than 20%. More remarkable, nearly half of the stocks listed on the Nasdaq are down more than 50% from their 52-week highs. As you can see in the chart above, there have only been a few other times over the last 20 or so years that we've seen this many stocks down 50% or more - during the dot-com crash, the financial crisis of 2007 to 2009 and the March 2020 COVID-19 crash. All of those occasions were epically turbulent. And we're not done yet... | 
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