In a time when optimism about the economy almost equals heresy, using phrases like "clouds parting" or "potential upswing" can be dangerous. But anyone seeking signs and wonders that suggest that one of the industry's bleaker stretches is coming to a close can find them. A few of them, anyway.

As the American Society of Clinical Oncology meeting kicked off Friday in Orlando, Fla., Wall Street and the scientific community - hardly short on cancer data in recent months - braced for an ASCO avalanche. News from the meeting was not expected to make the overall investment needle jump, at least in the view of Leerink Swann analyst John Sullivan, but individual companies are certain to benefit from favorable posters at the closely watched event.