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Ebb & Flow

Don't be surprised if the NCAA College Basketball Tournament craze garners even more attention this year: traders and investors are searching for any excuse to stop watching the daily horrors of the market. In the first two weeks of March, biotech's loss for the year has doubled - from 17 percent between Jan. 1 to Feb. 28 to its current 34 percent decline. In fact, the BioCentury 100 has given back all of its 2000 profits and now stands 8 percent below its Dec. 31, 1999 level of 1990.05.

Biotech hasn't been singled out (see "Beware the Ides of March").But the biotech selloff gives credence to the adage that bear markets look to puncture the tires that have the most air in them. The BC100 and the BioCentury London Index this month have dropped 20 percent and 16 percent, respectively. Last year, the BC100 and BC London were up 39 percent and 92 percent, respectively, compared to a 39 percent slide in the NASDAQ Composite.

Big cap targets in London

In London, decliners included big names such as antibody play Cambridge Antibody Technology(LSE:CAT), which fell 1012.5p (33 percent) to 2037.5p, and Celltech (LSE:CCH; CLL) which was down 137p (11 percent) to 1163p.

"One of the reasons for these falls is due to investors shorting the stocks," said Masha Le Gris, European analyst with Altium Capital. "The U.K. looks like a good buying opportunity as

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