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

AMZN 227.35

+0.3%

Dec 19 9:30 AM EST

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To: Mark Fowler who wrote (41314)	2/21/1999 12:18:00 AM
From: Mike M	Read Replies (1) of 164684

The breadth in this market has been horrible for some time. There is no leadership in this market. We are only a couple hundred points from the top yet have 20 new highs and over a hundred sixty new lows Thursday....Analyst bullishness is the highest it has been in years. Only 20% are bearish. Fundamentally, our economy is struggling with the Asian malaise. Japanese and Chinese trade deficits are at all time records because Asia is not buying our products....We are going to suffer at least a few quarters of earnings doldrums perhaps more if Asia doesn't snap back. Our market has priced in near perfection into earnings, some of the highest PEs we've ever seen while interest rates are threatening to go higher. There is more but that will do for starters. Mike

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