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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 229.60+1.5%3:59 PM EST
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To: Sarmad Y. Hermiz who wrote (42921)2/27/1999 4:17:00 PM
From: Rob S.  Read Replies (2) of 164684
 
You can bet that Meeker and Blodgett knew about it. It was rumored but there are several rumors floating around so it's hard to tell if general leaking from employees had any effect.

The charts on the Internet stocks and sector index looks mixed: Several stocks have come down dramatically and the charts look poised like a technical bounce is increasingly possible. However, some stocks have not come down much - the much followed "darlings" of the sector have faired better and some still look ready to fall. AMZN is likely to move up to the 145 level unless the market continues to head down significantly.

However, the MACD for the sector and many of the leaders that comprise it looks particularly weak. This indicator and money-flow indicators, such as the Chaikin 21 day, show distribution in the leading stocks. Even while some stocks have faired well recently, such as Broadvision (BVSN), the MACD and money-flow indicators show deterioration.

The TA is not at that point in which everything lines up in one direction. And there is not complete alignment for the sector - while some stocks look poised for decline, others look poised for a rebound or a break-out. My guess is that we will see a rebound during the next few days that will bring short-term momentum into several of the stocks in the sector. But unless that momentum somehow reaches similar levels of enthusiasm as the sector attracted last fall and winter, then the weakness in support for these stocks and the techs in general will assert itself and many will fall dramatically again - some more so that the recent downturn.

This would be a good time to diversify within the sector - straddle between stocks ready to fall and those poised for rebound. I would be careful about having all your investments betting one way or the other for longer than quick trades.
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