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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 229.55+0.2%Dec 5 9:30 AM EST
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To: Robert Rose who wrote (23630)10/29/1998 12:22:00 PM
From: Rob S.  Read Replies (2) of 164684
 
Bogus in the sense that some of it was at the cost of increased dilution and large expenditures (Europe) that cannot be sustained over time. However, as I've posted a few times, I think the momentum will continue at least into this quarter - maybe even pick up nicely due to the seasonality factor.

I agree that the sector looks ready for profit taking and at least a modest pull-back. I think the extent of the pull-back will have a lot to do with how much the market corrects. I have also observed the history of "buy on the rumor and sell on the news" prior to earnings releases. However, the TA shows that we have not had quite the high level of euphoric enthusiasm seen prior to releases in the
past and we may get a delayed reaction. Let's face it, the brokerage and investment banking industry has been hurting recently because of
exposure to foreign markets and internal losses. The Internet darlings are one of the few bright spots the pimps can cling to. And you can bet they will ride what ever momentum they can.

I agree that only eBay, Yahoo and possibly AOL are likely to see new highs. eBay may be near a point at which it will pull back but there is not much history and too little float to draw that conclusion. The recent upgrade and 100 price target helped the move up. If the history of similar stocks has anything to do with it, EBAY will tend to crap out before it reaches that 12 month target - maybe 83-86 will be the sell point?
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