A crash for the markets - a crash for biotechs ? Message Board

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Biotech / Medical : A crash for the markets - a crash for biotechs ?

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To: trevor john wilkinson who wrote ()	6/7/1997 7:36:00 AM
From: Hamilton Rogers	of 74

HISTORICAL COMMENT The old saying goes that "when they raid the cathouse, they take the good ones with the bad". I would agree with you. I've been told that Morgan Stanley has set a top of 7500 on the Dow which would result in a 21% over valuation based on the Dow's relationship to anticipated long term interest rates. Tricky business! Since inflationary pressures driven by higher wage costs (some businesses are now paying signing bonuses and/or hiring bright high school grads) will not show until the second half of the year, the economy is running hot, hot, hot. The Federal Reserve meets again in July and there is more than a 50% chance that they will raise rates. My guess is that the Dow will be around 6800 by the end of the year. Regards, ------#ham

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