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

AMZN 233.22

+1.8%

Nov 28 9:30 AM EST

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To: Bill Harmond who wrote (16431)	9/8/1998 8:36:00 PM
From: Rob S.	Read Replies (1) of 164684

When the market is ready for a rebound (short-term over-sold) or ripe for a sell-off, it will hear what it wants to hear to justify the move. The human psyche (and market psychology) is always battling between emotions and in turbulent times like these that battle pings between extremes. The strength of today's move caught many market watchers by surprise: many pundits who just last week said that safe havens or the "blue chips are the only place to be - money will fly to quality" (I guess that means the same old tired blue chips which still have historically high P/Es?), now are singing a bit different tune because of the better relative performance of the secondary stocks. Don't worry, tomorrow or by next week they will likely switch to whatever sector is moving higher and say "we have said to be invested in: fill in the blank for the flavor of the week - __Financials___, ___High Techs___, ___International/Regional Banks___, ___Inets___, __European Stocks__, __Communications Sector__, etc. I think we will see a stronger move up than many expect but that it will be followed by another round of selling within several days. The secondary/small caps that have been in a true bear market for some time and many of which are fundamentally cheap and have excellent earnings and sales growth prospects will rebound more than most of the "darlings" of wall street. I don't think it's the kind of market in which "shxt floats" on the rising tide - at least not for very long and flacky stocks that move up will come right back down in the following weeks. Many of the big multi-nationals will be harder hit by the international crisis than well positioned small caps who will benefit from lower prices and still robust domestic markets. I think the NASDAQ will outperform the DOW percentage wise and both will head up higher until at least Friday. We could get significant profit taking as early as next week. This is a very touchy-feely market to try to make predictions about and dramatic external events could shift it one way or the other - but I think the market will shrug off the bad news for at least a couple more days.

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