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Biotech / Medical : GZTC
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To: Meridian who wrote (455)10/27/1997 10:28:00 PM
From: Giuseppe Scalamogna  Read Replies (2) of 752
 
Hi Brian,

Interesting to say the least! It's really tough to gauge what will happen tomorrow. Biotech was one of the hardest hit sectors today. Why? Well it is the most speculative end of the market and we all know that is not for the faint hearted during a "correction" or "crash" whichever you prefer.

So initially I'll say this. We most likely will open tomorrow lower. I expect the stock to stabilize and maybe even close for a small gain. Fundementally nothing has changed at the company and Paine Webber's analyst has been on this stock for almost a year. Noone has ever lowered recommendations and everything looks rosy from here. If you can stomach it I think buying in here may not be a bad idea. Be sure to not get caught in another 500 point sell-off tomorrow though, because Wednesday you will have the opportuniy to most assuredly be out to pick up some issues at garage sale prices. So, keep an eye out on tomorrow's action. We may even rally. Anything goes.

Technically, the chart has encountered its first bearish signal today for the first time in a long time. We broke a double bottom @ $12 1/2.
This signal is mild bearish signal and obviously can be justified because of the overall market sentiment. We still are holding the Long-Term Bullish Support Line initiated around July of 1996 and we will find this long-term support @ $10. So, we still have some breathing room in here and I expect to the stock to find alot of support at $10 if we even get there. So, those in for the long haul hold on to your hats. I'm still quite optimistic about biotechs and am looking to plough into some heavy positions at mid-week.

GS
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