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Biotech / Medical : T/FIF, a New Plateau -- Ignore unavailable to you. Want to Upgrade?

To: scaram(o)uche who wrote (1328)	8/16/2002 3:15:54 PM
From: scaram(o)uche	Respond to of 2243

They just did the daily run against stops for KOSN. A little variety, this time it wasn't at or near the open. It could just be a couple of lazy and/or naive sellers. Don't think so.

To: scaram(o)uche who wrote (1328)	8/17/2002 1:13:31 AM
From: John Metcalf	Respond to of 2243

"To me, the environment is most like summer '98. However, one needs to add'93-'94-like pessimism." It's more complex than that, though you are absolutely right about 2nd and 3rd tier biotechs. For the big biotechs, our experience has been different. It was dispiriting in summer '94 when ^BTK fell to 73.28 in August, down 71% from the January '92 peak. Today, ^BTK is at five times that low level. Over the last six weeks, ^BTK has rallied 16.6%, while Naz Comp and S&P have fallen 6% each. Semiconductors have fallen 12%, despite today's big rally. So what, you're saying. Well, the generals are leading, even in this bear market. The sectors competing for investors' money are falling. Will the next generation of biotechs step up?