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Thursday, September 28, 2006

Market Looks Tired

The attention was all on DOW yesterday with everyone watching to see if it can close at 10 yr high. An attempt that was close but failed. The window dressing by fund managers came earlier than I thought, with the major indices hitting multi-year high recently. But momentum appears to be slowing down. Call me a pessimist, but I see a bear lurking at the corner. Let's see how far the funds managers can push it before the bears take over. Watch tight as it can happen anytime from now

Biotech sector was the big winner yesterday, with the sector breaking out of ascending triangle on high volume.

AMGN's Vectibix drug was approved for colon cancer yesterday just before market closed. Stock closed @72.14. From Briefing.com "...We also note that back on Sep 14, Citigroup said they expected AMGN to react +5% to +10% with a full approval..." If the Citigroup analysts were right, then we can expect AMGN to hit abt $74 conservatively (1.05*71), which is right at about the 6 month high. Keep it in your radar for today.

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