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Biotech / Medical : ONXX -- Ignore unavailable to you. Want to Upgrade?

To: SemiBull who wrote (759)	5/7/2002 1:47:15 AM
From: rjk01	Read Replies (1) \| Respond to of 810

Biotech Sector (BTK): 385.75 -23.97: For more than two years, the 380 level has acted as major support for the Biotechnology Index... The index bounced off this floor in April of 2000, and then again in March of 2001... With the BTK a mere 5 points away from this floor, after another big sell-off today, the question on the minds of investors in this space is will this pivotal floor hold yet again... While Briefing.com would not be surprised to see the sector attempt at least a modest recovery off of this floor, we do not see this floor holding very long... As we reported in our sector update on 4/17, this boom and bust industry is in the midst of a major bust due in part to the following: less accommodating FDA high-profile clinical setbacks slowdown of capital into cash-needy industry no sexy new developments such as the mapping of the human genome Throw in poor seasonals, questionable balance sheets (in many cases) and a lack of earnings visibility and there's no reason to suspect a material recovery given the current market climate. A decisive break of key support at 380 would leave the sector vulnerable to an intermediate-term test of the 350-340 area. -- Robert Walberg, Briefing.com