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

To: scaram(o)uche who wrote (1794)	3/5/2003 9:17:57 PM
From: John Metcalf	Read Replies (1) \| Respond to of 2243

Interesting observation, Doc. Afterhours, AMGN sold down a little, though a buck above the open. BGEN was up a little on an up day. MLNM, CHIR, and IDPH were unchanged in after-market trading. Does the last-minute volume and downward direction suggest the activity of day-traders, who needed to be out before the close? Or does it suggest program-trades? If the latter, the major indices opened down, and gained during the day, which suggests a program to buy $BTK - sell majors, and buy majors - sell $BTK; viz., an arbitrage in which $BTK is thought to run counter to big tech and Dow stocks. $BTK ended up 0.68 point, or two-tenths of a per cent. NBD in the big picture, but interesting in the number of coordinated details. These trades will be reported as activity in the "Smart Money Index", though selling at the lows begs the question of how smart that money acted.