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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 244.41+0.6%Nov 7 9:30 AM EST
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To: Robert Rose who wrote (89991)1/6/2000 4:26:00 PM
From: Rob S.  Read Replies (1) of 164684
 
I agree that a lot of the selling is institutional and other profit taking but also think it due to good news of xmas sales and other things already being factored into recent prices. I bought a few hundred shares in late trading today. I will see how it looks tomorrow to decide if I buy more or wait for more downside. The intraday chart started to look like a bottom was being set but that doesn't mean much after the close. How it opens depends more on how perceptions develop overnight and how much the institutions have left to unload. But you probably are right about the catalyst - if so, I think that the institutions will be mostly out of AMZN and other glory stocks and as that selling eases the mood will swing toward more bargain hunting.

I starting buying because the TA showed an oversold condition and a reversal is likely before long. This sell off has now reached a point were several indicators are pointing toward a reversal - it can still drop further of course but I think it very likely to hold a level above 62 that was established during the AUG thru SEP period and successfully tested in early NOV. I will watch the order flow and likely will buy more aggressively if it drops to that 62 level.
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