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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 220.66+1.6%Nov 21 9:30 AM EST
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To: Jan Crawley who wrote (10304)7/14/1998 12:38:00 PM
From: Rob S.  Read Replies (1) of 164684
 
Psychologically I think it's good to get a bit of a rally to test the enthusiasm and temper those who think the stock will soon reverse the downward trend.

One of my market theories about the recent bubble in internut stocks is that the "hot hands" type of investors and those part-time investors that have finally been drawn into the inet sector market "at the last minute" by the glowing reports of the huge paper profits being made hinges on the fact that earnings for many other high-tech growth stocks has been very disappointing. Where else is there to put "hot hands" money other than the momentum plays? But now we have gone through the earnings warning period and are starting to see reports from the large number of companies that will report earnings that are, on the average, in line or better than forecasts. The Japanese government is going through some changes that will likely brighten the outlook for Asia and Europe is growing nicely. in other words, the downtrodden semi and other tech sectors are looking more attractive. That will tend to pull "hot hands" money away from inflated and risky internet stocks and toward under-valued companies that are getting back on the growth tract. So much for theory, let's see where this puppy goes over the next few days. If it fails to rally further or go on to close the gap at 122, then it should return to the downward trend. Maybe the attention of Amazonianuts will be drawn away from rises in other stocks and tech sectors.
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