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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 234.70-1.2%Nov 14 9:30 AM EST
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To: Sam Sara who wrote (90075)1/6/2000 11:33:00 PM
From: Bill Harmond  Read Replies (4) of 164684
 
The market (especially technology) was extended and the bond market broke through the 6.5% level that was the consensus limit for the move. That shook off the complacency, and the calendar change facilitated the selling.

Now it's snowballing. When you have a group priced on expectation like the Internet stocks have been, there really arent the tools to validate a purchase decision when the market moves against you, so I think this decline will probably become a very emotional market-clearing event.

I can tell you from the meetings I attended that the fundamentals of the leading companies are very much intact, and in many instances business is accelerating. There are going to be some fantastic buying opportunities, but I don't think we're anywhere near a safe entry point, especially if economic strength keeps the bond market down.
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