Aging the rally

Although the rally began in earnest this spring, it's important not to discount too heavily the attributes of last summer's movers. Like any good rally, there has to be some heavy lifting done before anyone takes notice.

In this case, 18 companies saw their market caps swell by 50% between July 12, 2002, and the recent biotech bottom on March 7, 2003. Arguably those companies helped build a base for the current rally, created some visibility for the group, and created some profits that could be recycled into new names...