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

AMZN 229.10

-1.4%

Dec 4 3:59 PM EST

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To: 16yearcycle who wrote (36214)	1/23/1999 7:26:00 PM
From: Bill Harmond	Read Replies (4) of 164684

I think the US is more vulnerable now to a deflationary recession than ever, even counting the past year. As someone said recently, Brazil was supposed to provide the fire-break to stop global contagion from reaching the US, and now it looks like someone poured gasoline on it. Look at the financial stocks. Many haven't been able to rally above their 200-day averages, and now they're dropping away. Many bellweather charts look very tired, some are breaking down, even in technology. Liquidity is drying up, whether it's market-makers no-longer dealing in specific issues, or brokerages raising margin requirements, or bids just plain drying up like with IBM or Wind River on Friday. Liquidity drying up in a liquidity-driven market?? The market is up on stilts. Americans spending boom is predicated on high stock prices. No one else in the world is spending money, so everyone overseas in cutting prices to compete for US consumer dollars. None of this seems terribly stable to me.

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