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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 232.37-0.9%Dec 3 3:59 PM EST
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To: Sarmad Y. Hermiz who wrote (46949)3/23/1999 6:08:00 PM
From: Mark Fowler  Read Replies (1) of 164684
 
Sarmad just something to consider for the near term outlook below and once we get past this i would consider a long position in Amzn it won't be long until 140 is taken out.

U.S. Stock Market Outlook

Near-Term

The second most popular activity on the Street these days is
everyone closely watching the market's breadth data. The first of
course is the "10,000 Watch". Several weeks ago we
re-introducted the word "stealth" into our vocabulary because we
felt that the market would once again become a two-tiered affair.
Technicians call this desparate activity between blue chips and
the rest of the list, negative divergence. Normally, if these
divergent trends persist, it leads to a downward bias in the blue
chip averages. Overwhelming weakness in the majority of stocks
has, in the past, dragged the large cap stocks down with the rest
of the list. That's what the bears are saying today. But we take
exception to this theory today because most of the stocks that
make up the 30 Dow components do NOT look technically
vulnerable. We are not saying that the breadth is attractive—on
the contrary, we totally agree with those who are concerned
about the A/D statistics. But we want to remind them that there
have been times in history when negative divergence did not
cause a major sell off in the DJIA. Listed below are important
support levels for the Dow and other market averages. Yes, there
will be very volatile days and some of these levels could be
retested. The Kosovo/NATO problems could cause nervousness
and further aggravate a near term market correction.
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