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Social Media ETF Enters Bear Market Territory

While much of the decline in momentum stocks has been focused on the biotechnology sector, another industry group that has been torched this year is social media stocks.The Global X Social Media Index Fund (NASDAQ:SOCL) tracks a concentrated group of 27 global companies engaged in social networking, file sharing and other web-based media applications. The fund controls $128 million in total assets and charges an annual expense ratio of 0.65 percent.Some of the top holdings and household names in SOCL include Facebook (NASDAQ:FB), LinkedIn (NYSE:LNKD) and Yelp Inc. (NYSE:YELP), which have all declined significantly from their 2014 highs. Since hitting a high on March 6, SOCL has fallen more than 21 percent and is now trading at levels not seen since August 2013. The fund recently sliced through its 200-day moving average, and volume has been steadily increasing as well.Related: Inverse ETFs Offer Traders A Profitable Edge On The DownsideSocial media names garnered a great deal of hype i...

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