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Biotech / Medical : XOMA. Bull or Bear? -- Ignore unavailable to you. Want to Upgrade?

To: Starlight who wrote (6678)	7/14/1998 10:32:00 AM
From: Tharos	Respond to of 17367

Betty, That is interesting. The Elliot Wave theorists, Robert Prechter in particular, have for sometime been pointing to the end of July as the top. Prechter's prediction is pretty gloomy because he believes it will be the culmination of a series of fifth waves and believes it will be the start of a bear market not seen since 1929. I think we may see a correction, but economic forces just don't support the beginning of a bear market, IMHO. But then again, when you think of MSFT and the simple fact that if it did not gain another point until its earnings caught up with valuation, we are looking at fair valuation around 2007, and that is only if the company can continue to grow at 30%/year, at which time it would have to be earning nearly a quarter of the US GDP. There is room for the markets to free-fall.