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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 (91870)	1/22/2000 11:15:00 PM
From: Bill Harmond	Read Replies (5) of 164684

I'm bearish. I wish I had held on to my genome stocks until now because they have caught the market's imagination, but all overall I would still be down had I not sold on the morning of Jan 3. Even my taxable account has saved money net of taxes. Friday was a very bearish day. The S&P 500 looks very toppy here, participation in the OEX is fading fast, and the Morgan Stanley High Technology Index has not yet been able to best it's January 3 closing high. I think the stunning move from November 1 was a blowoff caused by a breakout in The Street.com Internet Index, and that liquidity is leaving the market. The Nasdaq volume for the past few days has been astonishing with little progress in the average. I think the market is headed for trouble we haven seen in years. Bellweathers like General Electric and Microsoft look bad technically, with neither of them yet able to confirm a new high in the Dow and Nasdaq. The financials look like hell, cyclicals are giving back their recent gains, and the energy stocks aren't keeping up with the price of oil. There were more new lows than new highs on the NYSE Friday. What does look good is the Russell 2000. Too bad that the Russell 2000 can't affect the popular averages. It seems that "Don't fight the Fed" is good advice, particularly with the best names selling at multiples of their growth rates.

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