Amazon.com, Inc. (AMZN) Message Board

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

AMZN 239.12

+0.4%

Jan 16 9:30 AM EST

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To: Rob S. who wrote (21295)	10/12/1998 4:53:00 PM
From: Rob S.	Read Replies (1) of 164684

The TA on AMZN worked out about as I thought it might: it pulled back from the extreme movement and toward the trend line on the stochastic and bollinger band indicators. The fact that the stock still managed to close with a gain is no surprise given the strength in the overall market. I think there could be a bit of renewed buying in the morning that will drive it up to a double top formation near 101 but that should be followed by renewed weakness. This depends some on how well the overseas markets perform. The US market also might be in for yet a bit more of a recovery that will help to lift the internut stocks. Some short-term indicator services are flashing buy signals: marketgauge.com & flash.net. A strong market combined with a fair market for the internet sector may help to move AMZN temporarily toward resistance at 100-110. Today's bounce off the bottom of that range shows what I think is increasing weakness and inability to stage a new thrust at the 120-130 level without a significant news event to spur it forward. The internet hype season is growing a bit tired, IMO.

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