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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 239.16+2.1%Jan 23 9:30 AM EST
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To: Robert Rose who wrote (26767)11/18/1998 4:51:00 PM
From: Rob S.  Read Replies (1) of 164684
 
The mood on the various internet threads that I have visited has shifted considerably. It now has a very similar flavor to it as it did back in July when Amazon and other darlings were at new highs. Maybe there is not as the same degree of gloating among the bulls but there is similar pain and suffering among the bears. When things have really gone to an extreme you should expect this type of a climate to emerge - when things go farther than either bulls or bears expect and technical and other factors, such as options expiration and winding down of a short squeeze and exhaustion of the overall move in the sector are taking place. Even though we can't kid ourselves into thinking that people on the popular investment threads completely represent the entire universe of investors, I think that when major shifts in the threads' psychology occurs, that becomes something worth considering.

It's my opinion that Amazon has a couple more days of movement to the upside left. Unless we get something else significant to happen, such as 2-4 major brokerages increasing their targets well beyond the current level (we are now near the 12 month targets of the bullish analysts), or announcement of a stock split, I think AMZN will move not higher than 175-180 before pulling back. I'll admit, but I'm certainly not alone, that I never expected the stock to be this high before next quarter. I could easily be wrong again and the stock could move who knows where. But I think it is near time for some pull back in the sector and the darlings.
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