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

AMZN 247.47

+1.3%

10:48 AM EST

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To: Bill Harmond who wrote (64772)	6/27/1999 3:49:00 AM
From: GST	Read Replies (1) of 164684

William <have confidence that bond yields are extended to the upside already.> What is the difference between this 'confidence' and unfounded complacency? We are a couple of bad days in the bond market away from something much worse than we have seen so far in the market, while volume in the stock market has evaporated, and every attempt to rally the bond market is met by heavy duty selling. If hedge funds are indeed unwinding positions as large as suggested by both the yen and gold carry trade, there is a whole lot more bond inventory waiting to be sold. A spike in interest rates will not cause interest rates to come down. It will feed on itself as it forces more short covering. We are flirting with a bad, bad stock market -- I will buy if it turns up. Will you sell if it slips off the deep end?

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