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

AMZN 226.09

+2.5%

3:59 PM EST

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To: Bill Harmond who wrote (38198)	2/5/1999 3:23:00 AM
From: Dwight E. Karlsen	Read Replies (1) of 164684

William: "Interesting" is one word to describe the new Nasdaq-Amex e-commerce index. But "sign of a top" might be more accurate. As you may know, past new sector indexes have shown remarkable timing at marking the top: The Disk Drive Index is one, and the Computer Hardware Index is another. I personally was surprised to see you turned bullish so quickly, on the basis of a) your conference visit, and b) the volume with the bounce up two days ago (was this just an excuse to get in)? Sometimes knowing when to walk away from the table a winner is the smartest thing. The fundamentals could continue to improve, but once a mania passes, stocks tend to correct downward, with overkill on the downside before a recovery to trade on more conventional valuations. $10B for e-bay? Surely you jest.

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