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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (32709)9/22/1998 10:53:00 AM
From: Giuseppe Scalamogna  Read Replies (1) of 132070
 
MB

But these short-term call premiums are awfully enticing considering we are heading into earnings preannouncement season and from what I could garner it most likely will not be a pretty sight. Some of these premiums especially on Nifty Fifty issues in my mind are blown way out of proportion. Sure the volatility has crept up, but when your line of least resistance turns over to the downside most of these contracts will expire out of the money.

Also, the biotechs in general have diverged from the rest of the market significantly. Money is flowing into some of these later stage companies with the cash burners still suffering. I see some significant upside to the mid-cap names as the large-caps such as Biogen and Amgen are in my mind a bit overpriced. We'll have to wait and see.

Thanks Again

GS
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