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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 231.69+1.7%Dec 10 3:59 PM EST
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To: Lizzie Tudor who wrote (71914)8/4/1999 8:05:00 PM
From: Eric Wells  Read Replies (1) of 164684
 
Thanks Michelle. I was a bit frustrated by last week's one day rally (I believe it was Wednesday) when I lost six points on each of my three shorts. But on Thursday, I was asking myself "Should Ebay and Priceline both have market caps greater than $10 billion?" And the clear answer was 'no' - and in fact, I think $5 billion would be difficult to justify. Thurs through Monday, I eased back into my shorts on EBAY, YHOO and PCLN - and then shorted AMZN this morning. And I believe I have you to thank for the money I've made on my Priceline short - as I believe it was your posts to this thread that motivated me to investigate Priceline further only to discover that it is insanely overvalued (at least, in my view) - I'm 12 points in the black on my PCLN short.

While I'm cautious in holding my current short positions, I feel more comfortable with being short than I did last week - I think there has been a major increase in negative sentiment on the nets during this week alone. Of course, I imagine we could see a gap up if tomorrow's productivity numbers are stellar (I believe they're coming out at 10:00am ET) - but it seems that even stellar numbers may have a difficult time turning this market around.

Thanks,
-Eric
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