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Biotech / Medical : VD's Model Portfolio & Discussion Thread -- Ignore unavailable to you. Want to Upgrade?

To: LLCF who wrote (7923)	5/3/2000 10:55:00 AM
From: scott_jiminez	Respond to of 9719

<<the NYSE has nothing to do with biotech>> It's surprising that someone is bold enough to still maintain that viewpoint. Clearly reminiscent of those defending the discrepancy between the performance in the NYSE and the NASDAQ...until March. At some point the huge difference had to reconciled. The belief that NASDAQ/'new economy' stocks/biotechs could behave in isolation from other broad market indices was a disaster waiting for a pinprick. And as long as people continue to believe that 'the NYSE has nothing to do with biotech', the bubble probably hasn't completely deflated. The fact that the NYSE contains few biotechs (just the largest market-cap ones on the planet) has little to with my 'divining rod'. Neither Peter Sussman nor myself claimed any 'divining rod' inference from the data we presented. If fact, both of us dealt with patterns that appear to be emerging in the last 4-6 weeks which may be revealing for the next leg of the market. The fact that the NYSE A/D represents a large universe of stocks makes it one valuable tool - among many - to gauge the pulse of the ENTIRE stock market - NYSE, NASDAQ etc.. How you can exclude a revealing signal like a potential reversal in a statistic that measures thousands of stocks - stocks whose companies represent (or directly impact) new economy and old, biotech and pharma - is 'beyond me'.