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Biotech / Medical : Biotech Valuation

CRSP 57.37

+0.9%

3:59 PM EST

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To: Biomaven who started this subject	7/4/2001 4:48:57 PM
From: Doc Bones	of 52153

There seems to be a lot of useful real-time index information at: astrikos.com Which is a bit surprising considering what's at their home page: astrikos.com Tuesday, July 3rd There are 20 stocks in the Biotech HOLDRS (Amex:BBH). However, two stocks account for more than 40% of the weighting in that sector. They are Amgen (AMGN) and Genentech (DNA). Amgen has a current weighting of 21.10%, and Genentech's weighting as of today's close was 19.11%. Both of these stocks made major highs during the 6/05-07 time frame (AMGN at 70.60 and DNA at 57.60). But since that time AMGN has been moving steadily lower (closing today at 60.72), while DNA is right back up at those old highs (closing today at 57.50). These stocks generally move in synch with each other, so something has to give here. Amgen made a 3-bar closing low today, and DNA made a 3-bar closing high. Whichever one makes a 3-bar reversal first will likely determine the next price trend for the Biotech HOLDRS. The B2B HOLDRS (Amex:BHH) failed to gap lower today (although it came close), so there was no 'tell' for today's price action in the market. The Software HOLDRS (Amex:SWH) will be providing the opening clue for Thursday's trading session. I'll have more on this later in the column. The Lunar Eclipse becomes exact at 10:56 am (EDT) on Thursday (at 13 degrees Capricorn). The FTSE 100 Index (British Stock Market) has its natal moon at 13 degrees Capricorn, so the price action out of London on Thursday could be interesting. THE REMAINDER OF THIS COLUMN IS RESERVED FOR SUBSCRIBERS Just when it was getting interesting! - Will The FTSE 100 Index curse the day it was born? Tune in Thursday. Doc

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