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

AMZN 228.07

+0.5%

10:40 AM EST

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To: Bill Harmond who wrote (75771)	8/30/1999 8:40:00 PM
From: Tom D	Read Replies (1) of 164684

Don't Fight the Fed. In 1987 there were a series of hikes which were blown off by the equity markets. The Fed would tighten, and the stocks would rally anyway. In October 1987 reality caught up with the markets. The rate hikes in 1999 are not nearly as large as 1987. But both times in '99, the bond and equity markets have rallied on the hikes, with the markets believing each interest rate increase was "the last one". I am 100% cash because I do not believe that a third hike has been factored into the markets. I believe the first two rate increases have been ignored by the markets, and I think either the third or fourth is going to cause a decline of greater than 15%. The markets are too risky for me. JMHO, but I would be interested in hearing what others think about this. It is a great topic for discussion. Tom D

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