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Biotech / Medical : Ligand - LGND - thread for non-PhDs
LGND 195.83-0.7%Dec 26 9:30 AM EST
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To: Henry Niman who wrote (34)1/23/1997 11:03:00 PM
From: John Grandy   of 57
 
All should be aware that today's sharp sell-off in the large cap technology stocks will likely put a damper on the technology for a few days. In the final hour, the large-caps (IBM, ASND, MSFT, INTC, CSCC most notably) sold off sharply on profit-taking as the S&P March futures were slammed for a 24 point loss from their highs. Signs of an emerging tech selloff were first seen 90 minutes before the close as momentum stories ASND ATML lost ground and then sharp downwad spikes were seen in the last 30 minutes in virtually all the large caps except TXN, which had its rally cut short.

When large-cap blue-chip indexes begin to turn down, institutional and mutual fund traders who had put techs into their portfolios as 'juice' are quick to sell as this allows them to retain outsized profits and (hopefully) beat the indexes.

The BTK (biotechnology index) was hit for -1.3% and more could follow tomorrow. Given the emerging momentum story of the biotech sector and positive news awaited on many fronts and the recent runs in BTIM and AGPH, long-term players should look for any weakness in LGND as a chance to accumulate.

The SP500 Mar futures sell-off was an exaggerated (bond futures close at 3:30) reaction to the treasury bond Mar futures sell-off, which in turn occurred because of worries that the Fed will raise interest rates at their Mar meeting.
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