Sand Spring Advisors LLC
Sinking Feeling Again or Biotech Bottom?
July 8, 2002
by, Barclay T. Leib
Graphics courtesy of the New York Times
I was surprised over the weekend that despite a large rally on Wall Street last Friday, the New York Times still ran a large headline and dour sketch on the front of its Sunday Mutual Fund section entitled: "That Sinking Feeling, Again?"
When Worldcom hearings are at the top of the business news, when George Bush is about to address the nation about making corporate executives more accountable, and when -- via large headlines and graphics such as this -- the New York Times is finally bemoaning 2002's sad mutual fund performance, our contrarian juices are ignited. Mainstream investment thought has now become negative investment thought. The New York Times, as always, is telling us yesterday's news, not tomorrow's.
It thus seems time for a rally -- particularly since we have just passed our June 28th cycle date that we nicely anticipated to be a market low. We now expect our next major cycle date of November 7, 2002 to be some sort of market high.
And what sector is most bombed out? Biotech stocks are down over 42.5% this year. Some are trading not far above their cash value. Although investing in Biotech is far from our area of expertise, in this month's subscriber-only article, we have enlisted help from others who make a living at such, and combine their views with our own technical perspectives. We also provide an update on the major equity indices and the U.S. dollar, and what we foresee for each between now and November. Subscribers are invited to click here to access this month's letter.
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