Market Timing

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September 20, 1998


Table of Contents - Market Timing - Sept 20 edition


1. MT Interviews NuOncology Management
2. Market Commentary 
3. MT in Europe
4. Departments


1. MT Interviews NuOncology Management

NuOncology Labs Inc. Symbol: NLAB - OTC Bulletin Board

We apologize for not getting this letter out a few days ago 
but there is a lot going on with this company - for instance, 
only Tuesday of this week MT received a request to be kept updated 
about NuOncology's progress, from an Asian based pharmaceutical 
concern.

MT met with the Senior Management of NuOncology Labs Inc. 
on September 10, 1998, at the offices of their investment 
relations firm in Washington, D.C.

MT met with Mr. Robert S. Thomas, Chairman and President, Mr. 
Philip F. Enlow, Executive Vice President and Mr. Joe Kane, a 
financial consultant to NuOncology Labs Inc.

As you can appreciate in a meeting such as this, there are 
legal and regulatory restrictions on what information can be 
shared with MT and our readers, but from the information we 
did receive there is no doubt this company is making significant 
progress.

We received confirmation that the doctors at the Baker-Sanger 
Laboratory in Houston, Texas are in the final phases of testing 
and validating Arglabin and determining its method of action. 
We also learned that one of the original doctors from Kazakstan 
is in Houston and assisting in this process.

The completion of these tests will be followed by the publishing 
of a paper, in a recognized medical journal, discussing the 
findings of NuOncology's research team. This paper will be co-authored 
by at least four physicians with extensive experience and 
credentials in oncological research, including Dr. R. Michael 
Williams, NuOncology's Medical Director and Chief Scientific Officer.

Our impression was that this paper would be completed very soon 
and if the demeanor of the people we met with is any indication, 
the results are what NuOncology and their shareholders want to see - 
our feeling is that Arglabin is an FTI.

SN will immediately publish a synopsis of the paper when it is 
available.

We also gained an appreciation of how far ahead of other 
biopharmaceutical companies NuOncology is at the present time.

To the best of MT's knowledge no one has published information 
on clinical (human) trials of FTI's. NuOncology Labs Inc, on the other
hand, has all of the clinical results from the Institute of Phytochemistry, in Kazakstan, for the treatment of over 200 patients with various types of cancers. 

In addition, on a visit to take place between October 19-29, 
1998, further results will be available from clinical trials 
involving 40 liver cancer and 60 breast cancer patients. These 
tests have been conducted so as to conform to the international 
protocols for medical research and should help to add credence 
to the effectiveness of Arglabin. For this reason alone, NuOncology 
Labs Inc could be 1-2 years ahead of their many industry competitors 
who are trying to develop  FTI's. (There are at least 8 major 
pharmaceutical companies conducting research in this area.)

We were also pleased to confirm that the patents for the lead 
compound, Arglabin, and the broader patents for its related and 
derivative compounds are held in the United States and controlled 
by NuOncology Labs Inc.

One of the key questions to our readers is "What is all this 
worth?" The best answer MT could come up with was by making 
an analogy to another cancer treatment, Taxol,  that seems to 
work in a similar way to Arglabin.

Taxol is a $1 billion a year drug today. It has one serious 
problem in that it is highly toxic. Arglabin, conversely, has 
minimal toxic side effects and in clinical trials appears to 
work as well and in some cases better than Taxol, depending on 
the type of cancer being treated. 

Assuming that the clinical trials continue to confirm Arglabin's 
efficacy as a cancer treatment, one way of looking at the 
valuation of Arglabin would be as a less toxic Taxol. This could
easily lead to Arglabin becoming the treatment of choice and 
thereby giving it a value at least equal to Taxol.

In our next letter we will discuss a number of other developments
underway in the predictive and chemosensitivity testing areas of
NuOncology's business. MT wishes to thank the management of 
NuOncology Labs Inc. for taking the time for this meeting and 
providing ourselves and our readers with these insights into 
their company and their business. 

MT continues to feel very bullish about this company and encourage 
our readers to closely follow this rapidly developing situation. 
We believe the shares of NuOncology Labs Inc. (NLAB) to be very 
attractive at prices up to $10.



2. Market Commentary

If the market rally can be credited to the strong hints 
of an interest rate cut late last week and Monday, and 
the slide in the market in the middle of last week can be 
blamed on Mr. Clinton's personal problems then this market 
is not in bad shape and is likely to move higher.

We believe that Mr. Greenspan's guidance of the economy is 
key to how the U.S. economic future will unfold. In fact, the 
future of a number of large Asian and South American economies 
are dependent on his guidance. 

The "doom and gloom" crowd project the present set of trends 
and parameters into the future and get a self fulfilling 
prophecy of economic disaster. This is where we differ from 
those that are predicting a more negative outlook - we do not 
assume the monetary authorities of the major economic powers 
are going to do nothing.

MT believes that the position that is now being taken by the 
Fed in the U.S. is that America will have to try and ward off a 
global recession by initially lowering interest rates and 
thereby encouraging domestic growth. They will also lend 
enough money, through the IMF, to reflate many of the world's 
troubled economies. 

This scenario is only possible because the US economy is strong,
unemployment is low, interest rates are at historic lows (and 
probably heading lower), there is no apparent inflationary 
pressures, and there is no external threat to the U.S..

Mr. Clinton is less than 2 months away from what most pundits 
will soon be referring to as the "lame duck" period of his 
Presidency. Although we do not think it likely that he will 
be impeached, if it does occur, we do not think it will be 
a factor in the economic equation.

The bottom line is that the U.S. will need to be the engine to 
keep many of the world's economies afloat and resuming the type 
of growth they have shown in the past. 

For this reason MT believes that the future for the U.S. economy 
and stock market is positive and there will continue to be 
opportunities to profit for the savvy investor.


3. MT in Europe

MT is expanding its readership in certain 'key' economic centers 
in Europe.  For the convenience of our readers, MT will now be 
available in German. For those subscribers who would like to receive 
their issues of MT in German simply type "German" in the subject
and send an e-mail to :  

<a href="mailto:Wetpapiere@USA.net">Wetpapiere@USA.net</a>

There is no need to write a letter as you 
will automatically be sent future issues of MT in German. 
 

4. Departments


A. Stock Quotes
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Received on Monday, 21 September 1998 14:10:20 UTC