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To: Michael Yang who wrote (46)	7/23/1996 4:56:00 PM
From: John Curtis	of 8116

Oh Jesus; a guru quote, unquote, says the markets gonna tank and everyone heads for the hills. She's just a human being who's made some good guesses. Has anyone heard of Joseph Granville?? Anyway, a herd is a herd is a herd; particularly as it relates to the market. I will admit that the market is beginning to look suspiciously like a head and shoulders top formation and you know what that portends. Unfortunately it appears CYTO is announcing it's relatively good news in the teeth of all this so I hope everyone has a longer time horizon than 2 weeks. I still feel CYTO will trend upward over the next 6 months but given the slaughter going on out there it will be tough slogging. See ya in the market!! John~

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To: John Curtis who wrote (47)	7/23/1996 6:28:00 PM
From: Chirag Asaravala	of 8116

I don't know quite why the stock reacted the way it did to good news. But then look at Microsoft today. No offense, but I can't imagine that over 2million shares worth of Cyto holders can really evaluate the FDA's modification of the use of the drug (as stated in a previous post) and whether this may or may not result in lower product sales. The product was given 15-0 approval vote! What more does the market want? Maybe later in the week we'll get the proper response. By the way this type of negative respone to positive news isn't new for biotech. I saw the same thing happen when the FDA advisory committee said Cephalon/Chiron's drug Myotrophin was approvable. Both stocks actually lost a bit. Then I figured that the market wants a "done deal", meaning actual approval. Well a week later the FDA approved the drug, and both stocks lost a bit more!!! Go figure. The market is crazy...

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To: Mister E who wrote (55)	7/25/1996 11:47:00 AM
From: Chirag Asaravala	of 8116

It is unfortunate.... that cyto gained approval in a bear market, or market correction period (whatever you choose to call it.) Looking at how poorly other companies have performed on good news (Microsoft, US Robotics, Ford) it is evident that investors are weary of these companies being able to sustain such high levels of profitablilty. Seems like many are using Q3 earnings reports as a departure point. They are all taking their profits and getting of the train, which has given them a long and excellent ride UP over the last 1-2 years. Until the market calms down a bit and these investors have a chance to evaluate where they want to put their money next, I think companies like Cyto, and others in high-tech will not do well on anything but EXTEMELY good news, like a takeover. Look at all the companies in the past few weeks that have announced positive news on HIV research and drug development...the stocks were lucky not to have lost a point or two! In short we may have to be even longer on Cyto. Grin and "bear" it.

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