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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 232.93-2.4%Feb 4 3:59 PM EST
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To: Glenn D. Rudolph who wrote (62265)6/13/1999 11:33:00 PM
From: GST  Read Replies (1) of 164685
 
Glenn -- at the risk of adding more bearpoop, I calculate that we have seen a drop of 6% from the top of the S&P 500. Assuming that at least a 15% drop is in order to reprice stocks in general, then we are roughly 1/3 of the way through this change in market valuation. That is before taking into account the overbought nature of the market in the first place, the amount of deleveraging that is likely to take place, uncertainty about the end of the year, and the emergence of other markets as alternative places to put money, and the damage done by severe downward pressure over a period of weeks rolling into months -- in other words I think 15% down on the S&P 500 is the optimistic scenario. It smells like a top to me.
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