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

AMZN 230.27

-0.6%

Dec 11 3:59 PM EST

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To: Mark Fowler who wrote (23696)	10/29/1998 12:46:00 PM
From: Rob S.	Read Replies (3) of 164684

Although some of the indicators are lined up as "over-bought" not all of them are to the extremes we have seen in the past - like when I first got attracted to trade NZMA. The Internet sector index is at the resistance level along with many of the components of the sector. Still, EBAY and some of the Darlings of the sector may have just a bit more movement left in them. I doubt that Amazon will make new highs before pulling back to the 105-110 level. The added fuel of the earnings report and upgrades will likely burn itself out on the overhead resistance when it reaches 130-135, IMO. At this point I don't expect a real challenge of the 140 level until the first part of next year - when the market sees a high-tech led "January effect" rally. I don't know how much to factor end-of-year window dressing but assume that it will not mean as much as other factors - this stock is not primarily an institutionally driven play.

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