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Strategies & Market Trends : Piffer OT - And Other Assorted Nuts
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To: John Pitera who wrote (45389)7/13/2000 6:19:51 PM
From: Original Mad Dog  Read Replies (2) of 63513
 
John,

I wanted to comment on all the talk about the biotech and genome stocks' weakness presaging a general tech market downturn.

I'm not buying it, and here's why. I think there is a history in bull markets of one sector's very visible overexuberance signalling the beginning of the end. It isn't always biotechs; it's whatever has become the bubble ingredient of the moment. It just so happened to be biotechs and genome stocks in Jan.-March of 2000. And it was indeed the breakdown in those stocks that told us (or should have) that the party was ending for a time.

But now, in July, we have not experienced so dramatic a run in these stocks. In fact, I am hard pressed to identify any sector that has enjoyed ridiculous exuberance in the post-Memorial Day rally. Sure, stuff is up, but is any one sector really going nuts for no good reason?

So I am not sharing the view that the genome/biotech weakness is a land mine to be stepped around.

Just an unscientific opinion....
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