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Biotech / Medical : QLT PhotoTherapeutics (QLTI)
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To: U.B. Green who wrote (937)7/13/2000 5:54:39 PM
From: Ian@SI  Read Replies (2) of 1321
 
Actually, no idea whatsoever.

As a WAG, I'd observe that many biotechs and much of the health care sector sold off today. I'd speculate without any evidence that several fund managers are fearing the political environment in the states as the election approaches and did to biotechs today what they did to chips and chip equipment stocks last week.

Chip and chip equipment stocks recovered this week. If some respected analysts come to the defense of the sector, we could see a similar recovery. Otherwise, we'll have to wait for the market to react to earnings news as it comes out.

I'm grateful that they waited until after June expiration. I'm no longer short any PUTs and the June batch expired worthless much to my relief and much to the taxman's delight. Should the street take it down another 10 points or so, I may feel compelled to sell another batch of PUTs. ;-)

Ian.
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