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Biotech / Medical : XOMA. Bull or Bear? -- Ignore unavailable to you. Want to Upgrade?

To: Bluegreen who wrote (13703)	5/31/2000 4:26:00 PM
From: Tharos	Respond to of 17367

I suspect we are about to enter a combined series (Dow indices, Nasdaq, S&P, etc.) Elliott third waves, with the overall impulse being down. Fibonacci number relationships point to June 6 as a potential turn date -- crystal ball stuff. I got a note that said now that Yahoo! was 55% off its highs it was a good deal, even at a PE of 500+. Even with some stocks 50% off of their highs, things are seriously overvalued. There are some indications the economy is slowing. Keep in mind that as the economy slows, money rolls out of technology and into industrials and financials. Telecommunications sectors are already showing the same indications they did just before the four previous economic down turns. Sooooo...I suspect we have just made it over the top of the first couple of legs in the rollercoaster ride, and are just about to begin going down the big hill. The bottom is Dow 8000. As with all prediction, mine is no better than anyone elses. Xoma took five waves up to $16, and then 5 waves down to $4. No dead cat bounce. I suspect a flattened abc corrective wave and then resumption of the down trend which should see us near the levels we were at before the run-up. This is what I base my prediciton on of cost averaging in the $2s.