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

AMZN 229.63

-0.9%

1:03 PM EST

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To: Jan Crawley who wrote (13996)	8/19/1998 1:47:00 AM
From: Bill Harmond	Read Replies (1) of 164684

>>trading short-term Technically, MACD's haven't reversed up for most Internet stocks, so, unless we get a (very rare, but possible because we are outrageously over-sold) breadth thrust (huge up/down percentages) this week we could retest or even break down. However, my gut is telling me that this correction that started last July (Asia I), and had it's second down-leg starting in April (Asia II), just tested and exhausted itself during the past four weeks...and we are just commencing a major advance that will last many months, and will be fed (pun intended) by lower short-term interest rates. The leading Internet stocks were strong enough to only go sideways during the worst of this correction and were able to soar during periods of relief. This tells me that they are the new leadership.

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