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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 (96784)	3/18/2000 1:29:00 PM
From: Bill Harmond	Read Replies (1) of 164684

The severity of the sell-off in technology (including biotechnology) was due to short positions by the most aggressive players in S&P 500 futures. This rally in the large caps was driven by short-covering. The volatility says that. The short covering was sparked by real new demand because of falling long-term rates. The most aggressive players had to sell stock (technology and biotechnology) and face margin calls because of selling to meet the futures losses. Celera and the others got caught in the middle of this by Clinton/Blair. I think all that was true about Celera three weeks ago is still true today. The fact is they are the leading source of sequencing information because they discover it faster than anyone else and they add value to decipher it. I think Celera will show results earlier than the group, because their income comes drom their clients' research and discover phases...far up the pipline from drug revenues. I think the leading geonomics stocks are in an investment league with the leading Internet stocks.

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