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Biotech / Medical : Biotech Valuation
CRSP 55.01-0.2%10:36 AM EST
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To: John Metcalf who wrote (5755)2/27/2002 9:16:25 AM
From: Biomaven  Read Replies (2) of 52153
 
John,

I don't disagree with any of your macro observations, but that doesn't explain why biotech yesterday and not the previous day.

My suspicion after hearing about the results of yesterday's IMCL meeting was that there was a "pre-leak" from that meeting. Note the stock jumped yesterday at the open, before the meeting started. There has been heavy IMCL shorting with some discussion on the SI short threads - for example:

Message 17103463

I can't pretend to be able to predict short term market moves. But I always try to rationalize them, or at very least characterize them ("switching from drugs to biotechs today"). It's likely a hopeless task, but I feel driven to do it anyway. <g>

Peter
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