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

To: Jacob Snyder who wrote (70)	3/22/1998 11:57:00 PM
From: FNS	Respond to of 83

Dr. Snyder: I would agree with your examination and triage of the stock market from a logical perspective but, unfortunately, the market is not an intellectual or logical entity! For instance, when prices continue to go higher, the pendulum continues upward .... but then as everyone is convinced prices will go higher still, the pendulum turns and prices come tumbling down!!! NO ONE REALLY KNOWS AT WHAT POINT IT WILL TURN! <<At some point this euphoria will end, and the S&P 500 will tumble to a PE of 18, (where it belongs, even without a recession)>> THE FACT OF THE MATTER IS THAT MANY ARE BECOMING BEARISH...AND QUESS WHAT!! THE MARKET WILL CONTINUE UPWARD. Also, in respect to your comment, what makes you think that PE of 18 should be the S&P 500 norm??? History? The complexion of the market has changed and the pace of technological development is indeed increasing but still young! and I imagine the S&P 500 and PE ratios will be outdated when we try to determine the health and future of the market and particularly with respect to certain stocks; i.e., internet, biotechs, telecom, and 'super' stocks...AT&T and IBM will not necessarily be bellweathers... Bottomline, you seem to be doing very well in he market, so I'd suggest you keep on doing what's most comfortable and what works best for you.. Picking the exact top and/or the bottom is tough...but knowing when to sell is the most difficult! (at least for me!) But NEVER complain about taking a profit! Good luck with Boston Scientific... I really like WPI. I'll give it a little rest and hopefully get back in after it rests a little and before it goes much HIGHER! Thanks for your comments. FNS

To: Jacob Snyder who wrote (70)	3/23/1998 11:52:00 AM
From: Dan'l Leviton	Read Replies (2) \| Respond to of 83

Jacob Snyder, Thanks for the thoughtful post. I'm looking to accumulate WPI slowly, and hopefully with better than random timing. My pattern is reminiscent of yours in some ways, and I am learning a lot. Would be interested in any specific stock moves you make, if you care to let us know. Dan'l