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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 222.55-1.6%3:59 PM EST
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To: Roger Smith who wrote (8526)7/2/1998 8:49:00 AM
From: Alan Newman   of 164684
 
Here's an excerpt from Cramer's commentary at the TheStreet.com:

Wrong! Dispatches from the Front:
Castles in the Sand

By James J. Cramer
7/1/98 8:37 AM ET

I'm on my way to Amagansett, but not before I sketch out
what I think will occur over the next few days. First, we'll
start off with the obligatory summer rally thesis that always
takes hold before July Fourth. It is dampened by worries
about payroll, but those are silly because the General
Motors (GM:NYSE) strike will begin to balloon these
numbers and actually cause people, even CNBC people, to
speculate that a rate cut could be in the works. It is.

Second, Japan will continue to surprise to the upside as
everyone worries that a big move will be missed without
exposure. They will be right.

Third, the beginning of the week will bring more Internet
buying as the mutual-fund winners of the quarter, die-hard
Internet fans American Century Ultra and Janus Fund get
billions in and immediately reapply it to the market, like so
much suntan lotion on a sunny day. They will also buy all
their tech favorites, which will take these stocks to levels
that shock and surprise. Finally, by the end of next week we
will be so overbought and have so many bulls that the selling
will begin. It won't be intense but it won't be pretty.
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