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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 217.21-2.5%3:59 PM EST
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To: Jan Crawley who wrote (46038)3/16/1999 5:21:00 PM
From: Sarmad Y. Hermiz  Read Replies (1) of 164684
 
Jan,

>> Gee, I hope that it does not hit my buy pending order of $131. It's dropping again.

There was a role reversal today in amzn price action. The drops to 134 were on much larger volume than trading during the remainder of the time. In fact, the only time there was much volume was during the drops. If you combine yesterday and today. Of 7M shares volume, 1M was up and 6M down. Of the trading hours, it was nearly all down. (Except 30 min at close yesterday, and 10 min at open today.) Maybe it all means something, maybe not. What it means to me is we will get a chance to cover at lower prices. I hope 120's.

So far, the method of deciding whether to sell into the open or not, based on pre-open volume has been working. I think also the idea that one can predict amzn price by gauging response to broker exhortations is also working. The only thing about that is they prepare themselves quietly, then do their dirty work when the market is closed. Then the shorts have to survive the gap, which I can tell you is very stressful. So for me the only way to play amzn is to have a boxed position to avoid getting blindsided overnight. But with a little bias to take advantage of trends.

My position now is 100L/400S.
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