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Technology Stocks : Amazon.com, Inc. (AMZN)

AMZN 234.67

-1.2%

3:59 PM EST

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To: Eric Wells who wrote (103864)	5/23/2000 9:36:00 PM
From: Sarmad Y. Hermiz	Read Replies (2) of 164684

>> I don't know - with the sell-off this afternoon, it just seems it will take a major reversal of sentiment to get the Nasdaq to rally tomorrow. << It will take more than that. It will take a miracle. Since this is the level that triggered massive margin calls last month, it is likely to do it again. I think yesterday's rally at the close was some funds buying in the hope of luring the bulls in again so they could dump on them just like they've done everytime for months now. Of course there was no follow through today, which means either 1) the enthusiasts have gotten smarter (not likely), or 2) are at their margin limit (quite likely), or 3) are out of the market because their account got closed (quite likely). I read that money market funds have a lot of inflows. But Tech funds had outflows. Where the money went, I have no idea, but it is not in the market. Because no kind of stock fund had inflows. It couldn't be in bonds, since they are down too. Maybe the Japanese took their money out and put into their postal savings at 0%. I see your discussion of risk did not go over real big with the new economy winners. -Sarmad

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