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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 243.02-0.7%3:59 PM EST
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To: put2rich who wrote (10174)7/13/1998 12:34:00 PM
From: Rob S.  Read Replies (2) of 164685
 
Shrinking volume and steadily lower price - no panic selling has set in yet. Maybe the fact that many of the other internut stocks have moved up has helped AMZN from dropping further. I expect Amazon to drop down to around 85 after expiration. The implied volatility of the options has dropped more than the stock price. Since it was at text book highs, this is not surprising. Gee . . . do I wait for my naked JAN calls to become worthless or do I cover them and move on to something else? Hard decision, but a long way to go before JAN and no way will this stock reach previous levels, IMO. I guess while the trend is my friend it's better to let the stock get taken down another notch and to get past expiration - that should squash a lot of the enthusiasm of those buying calls.

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I think we may get more selling toward the close today. My "feeling" (wild ass guess) is that the surge into EGRP, EGGS and some other internut stocks will drop as the day wears on and that lack of enthusiasm will spill over into Amazon.com and add to the downward trend were already seeing. Until we get a high volume sell-off, I don't think the stock is likely to attract renewed buying - it needs to get clobbered to the degree that internuts see it as a "buying opportunity" to the point that they commit lots more money. That is less likely to happen without a purge of current holders. Any rally we would get under that scenrio would be another short-sell opportunity. Otherwise, I see a relatively slow demise and quiet death of the love-fest enthusiasm for AMZN.

Go Amazon.com!!! Rally to 115?!!!
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