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

AMZN 227.37

+0.3%

Dec 19 3:59 PM EST

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To: H James Morris who wrote (7283)	6/24/1998 10:59:00 PM
From: Bilow	Read Replies (2) of 164684

Hi H James Morris; About Morgan Stanley, and Datek and AMZN... I watched AMZN all day today, and MSCO and GSCO, who are market makers of great strength, never seemed to have more than 2000 shares of AMZN available at either the bid or the ask. By that I mean, that they would show 1000 shares and then either leave the bid/ask or only sell another 1000 shares before leaving. I get the impression that neither company is willing to hold onto enough shares to manipulate the market much. This is completely different from what I see in other stocks, where Morgan Stanley and Goldman Sachs can stop a rally in just about anything. In fact, I would guess that ISLD (i.e. the Datek ECN) is responsible for most of the action in AMZN. My guess is that the majority of the action is day traders selling it back and forth to each other. There just aren't enough shares out there to satisfy the demand. And the demand doesn't know enough about accounting to figure out what the shares are really worth. And the demand ain't going to figure it out any time in the next few months. But anyway, the big time market makers do not make much of a market in this stock. Mostly they run from the inside market and fail to honor their quotes... -- Carl

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