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

AMZN 228.40

+0.5%

2:29 PM EST

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To: Robert Rose who wrote (71650)	8/3/1999 9:34:00 PM
From: GST	Read Replies (2) of 164684

Robert <After all, there is a lot of cash on the sidelines> what makes you think that? If you take $100 billion or more out of the market and walk out the door with it causing prices to drop, that does not create 'lots' of cash on the sidelines. We are seeing liquidation and the unwinding of leveraged positions. That does not create 'lots' of cash on the sidelines - it creates lots of losses. Nor do margin calls -- $200 billion on margin out there. Selling to pay off margin does not produce 'lots' of cash on the sidelines. Nor do mutual fund redemptions (I don't know what the net flow is this week -- but it could well be negative). A bear market for nets has not produced 'lots' of cash on the sidelines for net stocks. Quite the opposite. BTW, 8% down in one day is a lot IMO. I like qcom and was surprised to see it down 12 points.

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