GZTC Message Board - Msg: 2571174

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Biotech / Medical : GZTC

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To: Skeeter Bug who wrote (457)	10/28/1997 11:38:00 AM
From: Giuseppe Scalamogna	of 752

The market is up nicely in early trading, but what is this doing to biotech? Obviously as some of you may already have noticed the biotech index is down close to 1% and GZTC is off another 3/4. When things become unsure in the markets there is always a shift to better quality issues. Many investors are pulling out of smaller issues and rotating into large-cap. Effect - Dow up over 100 points and everyone else suffers. This to me is a negative sign for the entire market. Leadership over the past few months had spread itself nicely across the board as small-caps had finally rotated into view. Now we are seeing the opposite. Long-term investors - Try to be patient and look away. Traders - If GZTC breaks $10 we could spin out of control. Everyone be sure to keep an eye on earnings revisions for larger companies. If business is heading into a downturn, a short-term run up in the Industrials will prove to be a fool's market and can be construed as attempting to catch a falling knife. The bad part is, when the Industrials go so do the small-caps and not vice-versa. Today is a good example of this "segmented" market hypothesis. Overall, I don't take it as a positive sign for anyone. Good Luck GS

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