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

AMZN 229.55

+0.2%

Dec 5 9:30 AM EST

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To: Ted David who wrote (62073)	6/13/1999 10:01:00 PM
From: Mike M	Read Replies (1) of 164684

And as for equities, my point is that they had overdone a sell off and had also priced in well more than a 25bp move. Thus, if all we get is a 25bp move.. conceivably we could get some sort of relief rally... Whether a sell off is overdone or not is subject to interpretation. That the Fed is changing its bias to slow down our economy and that the bond market has already factored in a 50bp move, leaves plenty for the market mavens to speculate on. In any event, a better question is, "where to from here?". What continues to bother me is who will lead equities in a rising interest rate market. Lately that has been problematic. One day it is one sector the next day another. It is starting to look a little desperate. I don't think it can be banks, nor techs until their multiples better represent their actual growth rates. The internuts are clearly having their own problems (a case of bad helium, I think). Money will continue to search for the new mantra... Certainly we see that in the cable mania,... But, oversold, maybe in the very short term....

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