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Technology Stocks : Amazon.com, Inc. (AMZN)

AMZN 226.19

-1.8%

Dec 12 9:30 AM EST

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To: Jan Crawley who wrote (12036)	7/29/1998 10:02:00 PM
From: Rob S.	of 164684

<I lost $60K in three weeks on the Jun&Jul uncovered calls> Very sorry to hear that. I didn't make "all the right moves" myself in hind sight (we always can find how much we screwed up by looking back at a clear chart - its more like mud when your in the thick of it). I sold JAN calls which take longer to react one way or the other and therefore have not made as much as if I bought closer in. But the flip side of that is that it has given me a nice cushion - I "knew" Amazon.com would move down when it first approached 140 not just because the charts were screaming "over-bouhgt" but because of the classic "we are investment gods" talk of the Amazongonenuts.com bulls. The second top was a bit more reckless - I made my classic big ego mistake of "being too right" and not taking profits when it pulled down to bellow 100. I thought AMZN would rally again because it needed time to shake off some of the bullish sentiment but didn't think it would get past about 125-130. When it moved again toward the previous high around 140 it got me scared because "market logic" or TA doesn't always seem to apply to this freak. The TA had lined up so nicely on both AMZN and the inet sector that the "trend is your friend" axiom was fair warning that the stock (along with most other inflated inet stocks) would move down. Let's keep tuned into the movement and make some money on this sector! I think the trend will remain down for quite a while despite some periods of renewed buying.

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