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To: Les H who wrote (42114)	3/3/2000 12:36:00 PM
From: pater tenebrarum	Respond to of 99985

Les, we ALWAYS get a monster rally on the jobs data...it would have been a surprise if it had happened any other way. in any case, the broad measure M3 reached a new record high, so i guess easy Al keeps on throwing money at the bubble... interesting theory on the psyche of today's investors: edge.org regards, hb

To: Les H who wrote (42114)	3/3/2000 12:41:00 PM
From: HairBall	Respond to of 99985

Les: The "short strokes" of the Fibonacci rhythm on the daily chart now suggest that 4390 on the Nasdaq 100 is possible, but we would hasten to prognosticate that such a marginal new high would likely represent an intra-month March throwover, with the February close remaining the highest actual end-of-month close. The NDX (NASDAQ 100) is trading in the neighborhood of that number 4390 as it test the upper trend line of its rising wedge as I type....4395/6. Regards, LG

To: Les H who wrote (42114)	3/3/2000 12:58:00 PM
From: Les H	Respond to of 99985

INTERVIEW-Chris Evans says biotech surge no bubble By Arindam Nag LONDON, March 3 (Reuters) - Chris Evans, one of the best known names in Europe's biotech sector, said on Friday the latest surge in stock values was not a bubble but underpinned by genuine drug breakthroughs and sharply improved managements. In an interview with Reuters, Evans said the upsurge was more genuine than ever although the industry should also be prepared to face one or two disappointments when they occur. ``This rise is on the back of people who have learnt lessons. Today's managements know not to overhype stuff and they also have some good substance,' said Evans, speaking while on holiday in Barbados. Europe's biotech sector is currently on fire with values of several companies more than doubling since the start of the year. Celltech Group Plc (quote from Yahoo! UK & Ireland: CCH.L) -- which last year bought Chiroscience, a company founded by Evans 10 years ago -- is set to enter the FTSE 100 index next week. Evans has championed the cause of biotechnology in the UK and mainland Europe during the 1990's creating 16 companies, most of them spin-offs from university laboratories. He also holds investments in 48 other companies through an investment trust. On Friday, Evans closed the Merlin Biosciences Fund raising around 200 million euros. The new fund will invest in 20 small unquoted companies in Europe and Evans also managed to get the European Investment Bank to make its first biotechnology investment with a contribution of 37.5 million euros. BUBBLE? NO! ``It is not a bubble. In my opinion, people are bringing in far better quality science and package projects with good management to the market place,' Evans said. ``Of course some of it will be euphoria, but in a hi-tech sector you will expect to have a little bit of euphorial froth and there will be one or two disappointments, it is the name of the game,' he added. Britain, which has pioneered the biotech boom over the last few decades, has witnessed a torrid time in 1997 and 1998 when most stock market valuations have been in the doldrums following the fall from grace of companies like British Biotechnology (quote from Yahoo! UK & Ireland: BBG.L) and Cortecs (now renamed Provalis (quote from Yahoo! UK & Ireland: PRO.L)). Since then investors have shunned the biotech market preferring to jump on the Internet bandwagon. Evans pinpoints neuroscience, cancer, bio-informatics, proteomics and genomics as areas where the stars will emerge. ``We find them sexy. That is where the big challenge is but there is a also a bigger prize if you get it right.' BIG POTENTIAL IN EUROPE His Merlin Bioscience fund, which should complete all 20 investments over the next few months, has gone though the tedious process of combing through 1,100-odd unquoted biotech companies in Europe. ``We have compiled a database on every one of them. We know their directors, where they live, what their wives are called. We know their science...we have taken nearly 18 months to compile this,' he said. Of them, Evans says at least 200 companies have got strong patents and enormous potential to succeed and create a strong base for the future of Europe's biotech sector. They are in Britain, Germany, France and in Scandinavia. He predicts that the next biotech euphoria will come from Germany where there are 378 unquoted biotech companies with good package of sciences. ``But they will have to go through the teething problems. They may have some great molecules and then may have some that may not be great. They will have to handle them just as we have handled disappointements in 1997-98.' He predicts that despite billions of dollars being spent by the big pharmaceuticals companies, biotechnology will continue to feed the healthcare sector. ``In terms of swiftness in R&D you cannot be as nimble on a global scale. These big monsters are brilliantly positioned to get new medicines onto the marketplace and I think we are going to be feeders,' he said. He also predicted that there will be a consolidation in the sector with focus on unquoted companies coming together with quoted companies.