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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 232.12+1.6%3:59 PM EST
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To: McNabb Brothers who wrote (17371)9/16/1998 4:59:00 PM
From: Oeconomicus  Read Replies (1) of 164684
 
Hank, I see the COMMONMAN has returned on cue. Odd that he didn't claim to have bought this morning though.

Well, we have the "run-the-stops" theory for today as presented by OC. Someone else suggested that that Bill H. and fellow conference attendees rushed to the pay phones to buy the internuts after hearing positive comments. Any other theories?

I'd have to agree with OC's assessment, considering that most shorts were nervous about an upward bias during expiry week anyway. The sudden jump in all the internuts at the same time implies that it was not based on developments at any one or two companies and the market's nervous attention being focused on Rubin and Greenspan made for perfect conditions for a squeeze. In any case, I do not believe that this surge in volume (and not just in AMZN) could be explained by anything but a short covering panic. Perfect conditions for the big guys to distribute what's left of their holdings.

BTW, with AMZN still down 15% from it's price at the end of last quarter, not to mention being down 40% from its high reached the first week of this quarter, what effect will "window dressing" have over the next ten days? Do funds really want to show big holdings in AMZN come September 30? Just food for thought.

Regards,
Bob
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