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Biotech / Medical : Biotech Valuation

CRSP 52.51

+2.7%

Nov 14 9:30 AM EST

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To: Biomaven who wrote (9916)	1/5/2004 8:47:04 PM
From: tom pope	Read Replies (2) of 52153

The dollar's fall continues, so far without roiling the financial markets as much as the doomsters had predicted So far are the key words here. The catalyst for a real roiling will be evidence that central banks are no longer prepared to leave the $'s they have to buy from their country's exporters in U.S. Treasuries. The combination of the falling dollar, gold at a 15 year high and oil stubbornly at the 30 dollar level (forget the price of Natural Gas, it's stratospheric again this winter) cannot be good for U.S. equities. Underlying all these is the trade deficit running along merrily at half a trillion dollars per year. I've been saying (to myself) that this is unsustainable for the longest time, and the market simply marches on and tells me, like the apostrophe lady, to get a life. I'm still 80% equities, but I've been putting cash raised from sales in non U.S. equities and gold for the past six months.

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