Dow Jones 9305.69 -17.33 9:15 am PST, June 18, 2003  NASDAQ 1681.31 +12.87 For info, visit access.smallcapnetwork.com S & P 500 1013.16 +1.50 To be removed, please click here Russell 2000 458.25 +0.24 VOLUME 03: ISSUE 31  Itinerant Market Musings There's a bunch of topics to cover this week. First and foremost, whither the NASDAQ now that it's roiling around at the high end of the trading range we laid out in March? Just about everyone and their dog is looking for a pullback now that the markets have run. With the NASDAQ at 1668-- up more than 400 points or 32 percent-- since we published on March 12, 2003, we would agree that some consolidation is called for. What we don't see is a massive drop. A pullback to the mid-1500's is likely warranted. Then, as long as that's not violated, the next move should be to the 1725 level. Pundits and others of their ilk seem to think that this is merely a rally in a bear market. They don't have me convinced. They were late to the party and have their own personal and corporate agendas. I've found over the years that pundits, like economists, are rarely right.  Perky is Good Let's see...which stocks look perky? White Electronics (NASDAQ: WEDC) finally broke $10, running from $7.25 since our profile in January. The company filed a registration for a public offering of 3.75 million shares of stock-2.2 million new shares and 1.5 million by shareholders. I don't believe a sale price has been published as yet nor a definitive timetable. No matter, as the announcement, made in early June, only marginally interrupted the shares' rise.  White's shares sold off about $1 for a couple of days and then reversed course to break $10 last week. Last earnings estimate seen was 47 cents for this year and 56 cents for fiscal 2004. That represents a future price/earnings ratio of 22 times and 18 times respectively. Not outrageous, but it appears the easy money's been made and now further progress will depend on the company's ability to execute. Not that it has had any problems so far, but the last time it was at this level was October 2002. We'd like to see it move smartly through the old high of $10.59. If you've owned it for six months and enjoyed a good portion of that 40 percent rise, selling some would be prudent. You'll likely get a chance to replace the number of shares sold if the market eases somewhere in here. In the "they always move further than you think they will" department is biotech CEL-SCI (AMEX: CVM). We saw the shares up at $1 on June 3 and suggested-after the market close that day-- that folks who had followed us on this one lighten up some more around this level. The shares shot up to $1.30 on June 4th and traded around that level for the next couple of days. The shares have since sold off back to 95 cents and volume has slowed somewhat. The flurry of activity between April and today, Wednesday, has seen the float of roughly 50 million shares change hands. Some very large positions were bought and sold and, needless to say, the run up to nearly $1.40 from 20 cents in a scant few months was unsustainable.  Monday, CEL-SCI released details of acceptance of an article in a peer review journal dealing with data from a herpes simplex animal study, further evidencing the biotech's progress in the immunology based therapy arena. As noted in previous pieces, CVM had promised a number of peer reviews in the coming months and this one will likely be the first of many. A new era for biotech? Cel-SCI's shares appear to be consolidating around the $1 level pending more news and the potential FDA approval of Phase III trials for CVM's head and neck cancer therapy Multikine. As well, the entire biotech sector is taking a breather after an impressive run over the last 3 months-up roughly 50 percent in that time period. Though CVM has run up quite nicely, recent events might prompt those with a penchant for interesting speculative situations to consider owning some. While the shares could move lower-CEL-SCI is still speculative and volatile after all-it promises to be an interesting ride. We have also suggested that anyone who owns some big pharma or biotech that has run nicely might want to take a portion of that position's profit and switch to CEL-SCI. Patience in all things is a virtue. So, too, for CVM. The promise of immunology based drugs and therapies could well be among the most exciting future developments within a biotech sector that remains at the forefront of investor interest. Help me, please. When CVM was at 20 cents, no one wanted it. That situation may well be repeated at engineering knowledge company ThinkPath (OTCBB: THTHF). The size of the company's float, which approaches 180 million shares, is a significant difference. Also, as we have noted, ThinkPath's convertible debenture holders have returned with their 'sell at any price' mentality. While we thought this would be over by now, the brief respite in selling pressure a few weeks ago allowed the shares to double from .005 cents to almost a full cent.  One has to speak in relative terms regarding ThinkPath's share price given the large float. It just doesn't make sense for a company that is cash flow positive, aggressively cutting costs and landing new contracts to trade at a market cap of between $500,000 and $750,000. Did I mention it has annual revenues of around $20-$25 million? And its relationship with Swiss engineering giant ABB Group has already yielded new business for THTHF. Even if the shares moved to 2 cents short term-still ridiculously low relative to revenues and prospects-an investor would realize a quadruple against a current investment at .00045 cents. What am I missing here with ThinkPath? I'm sure someone will tell me. I'd really like to know. Email me here: editor@smallcapnetwork.com Unsubscribe Here D I S C L A I M E R : The SmallCap Digest is an independent electronic publication committed to providing our readers with factual information on selected  publicly traded companies. SmallCap Digest is not a registered investment advisor or broker-dealer. All companies are chosen on the basis of certain financial analysis and other pertinent criteria with a view toward  maximizing the upside potential for investors while minimizing the downside risk, whenever possible.  Moreover, as detailed below, this publication accepts compensation from third party consultants and/or companies which it features for the publication and circulation of the SmallCap Digest or representation on SmallCapNetwork.net.  Likewise, this newsletter is owned by TGR, LLC.  To the degrees enumerated herein,  this newsletter should not be regarded as an independent publication. Click Here to view our compensation on every company we have ever covered, or visit the following web address:  http://access.smallcapnetwork.com/compensation_disclosure.html for our full compensation disclosure and http://access.smallcapnetwork.com/short_term_alerts.html for Trading Alerts compensation and disclosure. TGR Group, LLC received no compensation for this report. All statements and expressions are the sole  opinions of the editors and are subject to change without notice. A profile, description, or other mention of a company in the newsletter is neither an offer nor solicitation to buy or sell any securities  mentioned. While we believe all sources of information to be factual and reliable, in no way do we represent or guarantee the accuracy thereof, nor the statements made herein. The editor, members of the editor's family, and/or entities with  which the editor is affiliated, are forbidden by company policy to own, buy, sell or otherwise trade stock for their own benefit in the companies who appear in the publication unless specifically disclosed in the newsletter. The profiles, critiques, and other editorial content of the SmallCap Digest and SmallCapNetwork.net may contain forward-looking statements relating to the expected capabilities of the companies mentioned herein. THE READER SHOULD VERIFY ALL CLAIMS AND DO THEIR OWN DUE DILIGENCE BEFORE INVESTING IN ANY SECURITIES MENTIONED. INVESTING IN  SECURITIES IS SPECULATIVE AND CARRIES A HIGH DEGREE OF RISK. THE INFORMATION FOUND IN THIS PROFILE IS PROTECTED BY THE COPYRIGHT LAWS OF THE UNITED STATES AND MAY NOT BE COPIED, OR REPRODUCED IN ANY WAY WITHOUT THE EXPRESSED, WRITTEN  CONSENT OF THE EDITORS OF SMALLCAPNETWORK.NET. We encourage our readers to invest carefully and read the investor information available at the web sites of  the Securities and Exchange Commission ("SEC") at http://www.sec.gov and/or the National Association of Securities Dealers ("NASD") at http://www.nasd.com. We also strongly recommend that you read the SEC advisory to investors concerning Internet Stock Fraud, which can be found at  http://www.sec.gov/consumer/cyberfr.htm . Readers can review all public filings by companies at the SEC's EDGAR page. The NASD has published information on how to invest carefully at its web site.