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Biotech / Medical : Ligand (LGND) Breakout! -- Ignore unavailable to you. Want to Upgrade?

To: Proton who wrote (16088)	2/28/1998 5:42:00 PM
From: HerbertOtto	Respond to of 32384

Peter, It looks like your little triangle has given way to the upside. Of course, I've seen many false break-outs, but this has the arguments of: strong volume with the break-out... 367K vs < 150K each of previous 4 days; OnBalanceVolume made new high for the move ahead of the price - now nearly back to the all-time OBV high made last October; two unfilled Gaps since the January low; positive fundamental story with expectations of more to come. For comparison the Drug Index was down -2.20 on Friday. Only a few pharmaceuticals were strong, with JNJ leading the way. GENZ, AMGN and BGEN look good also. PFE, AGPH and ISIP were among the downs. The chart of LGND is one of the strongest looking looking biotech charts that I can find... gaining momentum. I'm still hoping for a re-test of the Gap at 13 7/8 to 14. The last weakness I was able to buy into was last Tuesday, at 14 5/16. Shopping basket not yet full. When the weekend effect reverses on Monday into Tuesday, we may get another chance to buy into weakness. After 3 days of steady improving prices, the mm's may try to shake the tree once more, giving FUGAZI and me one more chance. At this point my wife is asking whether we should 'pay up'. I tell her if she's too bullish on LGND, I may have to sell down again. Patience pays. I'm using 13 3/4 as a stop. It will be disappointing if there are not enough firm buys sitting at the upper edge of that Gap to prevent it being filled. But we do have to allow for those 'fun-loving' mms to try to shake us out, and I've seen many suspicious trades cross - that were later removed. In the case of LGND, remember the fundamentals. The technicals have helped get me this far, but from here on the technicals will have to take a back seat. One way to get LGND to really smoke would be to add the motto "The Internet Biotech". I don't know what that means either, but after Friday, apparently any connection to the internet will do. Good luck longs, Herbert