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

AMZN 226.66

+0.2%

9:34 AM EST

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To: Robert Rose who wrote (28045)	11/24/1998 4:03:00 PM
From: Rob S.	Read Replies (1) of 164684

I talked to a couple of brokerages today - they said that they remain besieged by retail customers who are buying the Internet stocks. In addition, they are calling in margins on several large short sellers. One hedge fund with 300K held short since September was being called on the carpet to cover their position or put up more money. This forced buying that has helped to propel the sector should be grinding its way down. The net effect of the short covering to force the stock up, IMO. That's because the short positions that are being covered at market prices will liberate more shares to quickly be shorted by others who must buy on the uptic. But once this covering and re-shorting is finally wound down, the market will be left with retail pressure and remaining day traders to hold it up at preciptous levels. The vacuum probably won't be enough to knock the stock down by a lot, maybe to 170-180 next week.

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