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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 232.49+0.2%Dec 30 3:59 PM EST
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To: Bill Harmond who wrote (79425)10/3/1999 1:53:00 AM
From: GST  Read Replies (1) of 164684
 
I was bearish mid July and stayed that way through August -- and missed the bounce back up -- no question about that. I decided to basically withdraw from active trading to get my timing back towards the third week of August, and only made fresh commitments in anticipation of the gold auction when I returned from Asia in September. Now, the market is sitting on the razors edge. A breakdown here is entirely possible -- you should know that and perhaps you do. There will be many with a strong vested buy-side interest -- for example Joe B or Frank K -- and they will beat the drum for a rebound here. Perhaps this is August all over again. But I would no bet on it. A resurgent yen and resurgent gold this week will cause more trouble in bonds. The rate hike or lack of one will be a problem for the market because it won't solve any of the underlying tensions. I am leaning hard on the gold side -- overweighted every which way, perhaps as you did during the heyday of the net stocks when they were going up. And I have been going in and out of OEX puts as the market gyrates. But make no mistake, I have a strong case to make on the risks of a discontinuity in the market -- and I am positioning to make money from your losses if you are not liquidating already.
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