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Biotech / Medical : Biotech & Pharma.T.A,

BIB 83.86

+1.3%

Dec 24 4:00 PM EST

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From: Ian@SI	2/20/2007 2:40:08 PM
	Read Replies (4) of 3722

1:39PM Biotech Index -BTK- in range but bounces off support (TECHX) 773.79 -1.70 : The BTK Index is still in the red but it has rebound well off the morning low and support at last wk's low (near it 50 sma/ema) at 768/766 (session low 767). In the bigger picture the index has accomplished little over the last three months as a narrowing trading range or ascending triangle has developed which is typically a temporary corrective phase not trend reversal (click for BTK chart). For the short term support is at 773 and 771. As long as these level hold and more importantly the early low/last wk low (767/766) during the pullback off morning high there remains room for follow through. Penetration thereafter of last wk's high at 781 would position the BTK for a run to and potentially through the multi-month range/triangle top. One reason for the lack of progress over the last several months has been the performance of AMGN (at 66.41 -0.4%). However, AMGN is attempting to stabilize near its 200 week exp/simple moving averages, which held in 2005 and 2006, after a 4 wk, 14% slump off its Jan peak. Also of interest as it vacillates near support is BIIB (at 47.40 -1.7%) which has probed a zone at roughly 47.00-46.50 (Jan low, early Oct high, 200 sma). Other stocks of interest include: IVGN (at 66.40 -0.8%) minor pullback after testing its May 2006 high last week; GILD (72.54, +0.6%) near its 52-wk high from early Feb at 73.25; VRTX (at 31.25 +2.3%) held near its 8 month low of 29.75 today; GENZ (at 65.08 -0.2%) held near its 50/200 sma today

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