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Biotech / Medical : Biotech Valuation

CRSP 53.49

+3.7%

10:19 AM EST

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To: Biomaven who wrote (1724)	9/22/2000 8:44:08 AM
From: Biomaven	Read Replies (2) of 52153

Well today should be a key day in biotech. The INTC weakness clearly has nothing at all to do with biotech, so there is no logical reason the biotechs should be dragged down with the NAS. OTOH, there has been a very strong "old economy vs. new economy" driver of the biotechs, and to the extent this INTC development undermines confidence in the new economy strategy, maybe the biotechs will get hurt as well. Likely the drugs will do well today (at least relative to the techs), and I think it will be pretty bullish for biotechs if they hold up without major sympathetic NAS weakness. Fortunately I sold covered calls this week against my biggest non-biotech position (SUNW) but unfortunately I didn't get around to increasing my short position in QQQ as I had intended. I also sold some at-the-money January covered calls against part of my CELG holding, as I figure this up-coming quarter might prove tough because of the slight summer slow-down in Thal sales. Peter

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