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

AMZN 232.08

-0.2%

Dec 29 3:59 PM EST

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To: Jan Crawley who wrote (18263)	9/24/1998 4:41:00 PM
From: e. boolean	Read Replies (2) of 164684

Jan - Been too busy to keep up w/ the many posts. Last I read, you were talking about patience, and at the moment I'm very glad I have been the last few days. From your and James' combined theories, I decided yesterday that we would probably soon see this yo-yo manipulated to the down side, since there are just as many longs waiting to be fleeced as shorts. I believe that the manipulators -- maybe including a group of small online traders who have joined the scheme, maybe people like IMPRISTINE -- have been doing program trading using the INDU as their proxy (OC pointed out the odd correlation a few weeks ago), with bursts of buying on every uptick. As long as the sucker rally in the INDU continued they would keep this up. (The correlation has been almost exact - I wrote to the SEC this am to suggest they take a look at it). If the market sours, they will reverse course and start pushing to the downside. I get the impression that the survivors in the long camp may become just as neutral on trading as you have been, willing to short when appropriate. I may try it this time myself, though the illiquidity of the options trading is very frustrating for getting in and out, and I think the yo-yo is heading down as long as the INDU doesn't have a strong rally. In these world market conditions, that is not likely -- I agree with the talk last night about how disturbing it was to see Greenspan making nice with the Congress and the markets yesterday: he must be really scared! e.b.

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