Amazon.com, Inc. (AMZN) Message Board

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

AMZN 226.76

+2.5%

3:59 PM EST

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To: Tom D who wrote (71462)	8/3/1999 12:24:00 PM
From: Rob S.	Read Replies (2) of 164684

Does it? There is a lot to be said for a slow drop in price. Some analysts have pointed out that AMZN, AOL and the net sector show a "head and shoulders formation" and are breaking down now. No panic, no major event - just steady dissatisfaction and selling that amounts to a shift in attitude about these stocks. That shift started months ago with only a partial rebound in between. Amazon is getting very close to my forecast several months ago when the stock was over 60% higher: 70-80. There is no technical reason is won't go lower than that - down to some support at around 55. And there is not good reason for the nets to suddenly perk up and mount a meaningful advance. First we need a REAL sell-off - the kind that wrenches investors guts and cleans out the over-valuation mentality. Then it may be time to get bullish on the sector, IMO. But market conditions aren't static, so let's se where this goes - we are breaking down through support now but now at which point investors will either be throwing good money after bad or, if they are lucky, will catch a knife by the handle. Either way, it is a bit of a blind man's game.

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