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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 230.57+1.2%2:50 PM EST
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To: Sarmad Y. Hermiz who wrote (42349)2/24/1999 8:47:00 PM
From: GST  Read Replies (1) of 164684
 
Sarmad -- I take your script to heart. But I also look at the backdrop in the market as something that can/will amplify the script. What I see now in the backdrop is different from what I saw for the past six weeks. Bonds are going up, but the reasons have changed. That matters to me. I did not like to see money leaving the US at the rate that it was being withdrawn. Americans don't save enough to keep the economy afloat -- so the Japanese do it for them. Seeing the Japanese drive our interest rates up by making withdrawals made me nervous because we would have BOTH higher rates AND slower growth.

The move in bond yields now is different. It reflects concerns about GNP growing too fast -- hence the jitters today because of data due out tomorrow and Friday. But the jitters are NOT about a slow down from higher rates -- they are just about higher rates. Greenspan did not signal a bias to tighten. The concerns about growth will subside. And the techs kind of like growth anyway -- so I think tomorrow and Friday we will see higher tech prices -- and I think AMZN and other nets will rise with the tide. It won't last, but I think we will see it move a bit more before the next chapter in the script -- the next downleg which may only mean it is still a week or so away from here.
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