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Biotech / Medical : Biotech Valuation

CRSP 53.80

+2.7%

3:59 PM EST

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From: Tomato	5/21/2006 3:08:25 PM
	Read Replies (2) of 52153

OT? From MSN: Dangerous time for market The midterm election year of a second-term president tends to be one of the most dangerous for the market. And this year, the ugliness may be amplified because of President Bush's low poll results. According to Ned Davis Research data, since 1950, the market has lost 3.5% during the period from April 30 to Sept. 30 during midterm election years, versus a gain of 0.9% in the period in all years and a gain of 5.6% in the other half of the year -- Sept. 30 to April 30. In other words, we are now entering what is historically just a bad, bad time for stocks. So how do the poll numbers fit in? The Gallup Poll Presidential Approval Rating is now 34%. According to Ned Davis analysts, a low presidential approval rating can sometimes be a positive in a contrarian sort of way -- meaning that there is excessive pessimism afoot. Yet they hasten to add that when it is this low, "it's so bad that it's actually bad." During the rare period when the approval rating has been under 35%, the Dow Jones industrials have declined at a negative 6% annual rate. moneycentral.msn.com

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