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Non-Tech : NIFTY NINE IN NINETY NINE PLUS ONE
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To: LLCF who wrote (452)2/25/1999 4:11:00 PM
From: Mike McFarland  Read Replies (1) of 613
 
Biotech bottom fishing, don't get rattled.

You know, the thought that comes to me as
I've watched all my micro biotechs tick down
a little each day...for the last three days,
is that we react emotionally to price movements
and weak market conditions on a time scale of days
to weeks. But months to years is the cycle you
want to be concerned with.

Try this--
look at your portfolio and find the biggest stinker.
For me that is CNSI, which I own a lot of, with an
average price of a buck. So I'm down something 20%
or six grand on that one...and there is no way I'm
going to get shook out--it's in an IRA so no incentive
to get stopped out and take losses.

Now take that stinker and hit the five year price
chart. Keeping in mind that eventually these stocks
can run out of money (CNSI is okay though I think,
the Bayer deal will keep them running for years),
look at the trading range. CNSI for example was a
two dollar stock in December 1994, it ran up to be
an eight dollar stock by Jan '97, and then began
the long slide to fifty cents a few months ago.

Since then it is a 75 cent stock, with the exception
of the spike to $2 on announcement of the Bayer deal
just before the holidays.

How does this help? Oh hell, I don't know, but I'm
always happy to chat it up here on SI without actually
saying anything too useful;-)
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