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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 229.10-1.4%3:59 PM EST
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To: Peter Church who wrote (12486)8/3/1998 3:36:00 PM
From: Rob S.  Read Replies (1) of 164684
 
Some of the best shorts over the past week have been, obviously, the internet stocks. Many of these have come down 30% or more from their highs of just a few days ago. The sector is likely to continue down for a few more days and then may see a technical correction correlated with a rise in the general market, IMO.

I covered most of my naked call positions on AMZN this morning - took a nice profit. I will sell again if the stock sees another brisk rally.

I use news wires and stock screens to search for good short candidates. The market correction may see either an end or at least a brief pause soon so that me me more willing to look long rather than go short. I will probably try to balance my long positions with some shorts at least through this fall. I still have some short positions to cover. I hope we see a return to "irrational exuberance" in the intet stocks because it is easy pickings compared to less emotionally charged stocks. I probably won't post as much on this thread because my attention needs to diversify a bit more and concentrate on something with more potential. If I hadn't gotten as much tied up in AMZN, I would have shorted MSPG or AOL.

AOL may be a good one to short yet. Their numbers will probably be good but odds are that it will be a case of "buy the rumor, sell the news". Another one worth looking at is Rocky Mountain Internet (RMII). It has not taken as much of a hit as most of the other inet stocks. I need to look into the details before I could recommend shorting it. The TA looks about ready for a collapse. I had looked at it for going long earlier this ear and now wish I had - up almost 10X.

If I find some good looking short candidates, I'll post them to the thread.
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