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Biotech / Medical : ZILA--test for oral cancer?
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To: Ivan Andrew who wrote (34)6/18/1996 5:13:00 PM
From: Mark Fleming   of 61
 
Ivan: It's hard to sort out which declines are based on company news and which declines are based on overall market sentiment.

With the NASDAQ down 25 points, it looks to me like we're in a (temporarily?) uncomfortable spot. Fears of a Fed hike, unlikely as one seems, won't be resolved until July 3. Furthermore, earnings news won't appear for about another month. In the absence of these two market drivers, all there is to go on is a chorus pre-announced earnings disappointments. It looks to me like the short-term players and momemtum "investors" are dropping out and maybe even going short.

It doesn't help that for the past several weeks the major financial press -- WSJ, Barron's etc. -- have put out a lot of articles predicting a financial collapse; kind of prepping things for the current situation.

In my opinion, this will all turn around once it's evident the Fed won't hike rates and positive earning reports start to dribble out. The action now is based on the absence of information more than anything, and in a few weeks the numbers will put a stop to the guessing and handwringing. I continue to look for company-specific news on ZILA, but my guess is that this short-term thinking is driving a lot of the recent action.
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