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To: John Pitera who wrote (54081)	7/30/1999 10:06:00 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 86076

John same here. my last involvement with the classic drug stocks was a long position in MRK which i got out of in early December last year. since then i have mostly traded biotechs like AMGN and BGEN, almost exclusively from the long side. i also took a position in OXHP when it was really beaten down, but have sold it a while ago as well. having missed the excellent shorting opportunity in the drugs i have now started to short some other high-flyers that haven't come down to earth yet. hopefully they will in due course. i don't want to short the drugs now, in spite of their poor technical performance and the Washington cloud hanging over them. as i said before, there is an outside chance that money will rotate into drug stocks in the event of a more pronounced decline of the broader market due to the perception that they are defensive issues. tobacco, food and utilities will probably also attract funds if the market keeps on tanking and show relative strength.