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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 234.70-1.2%Nov 14 3:59 PM EST
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To: Glenn D. Rudolph who wrote (57870)5/22/1999 8:31:00 AM
From: Wayners  Read Replies (1) of 164684
 
Dick Dickson, a technical analyst with Scott & Stringfellow tackled the question of what constituted a correction for an Internet stock,
using Amazon.com (AMZN:Nasdaq) to illustrate his point.

After reaching a high of 221 1/4 on April 27, Amazon.com fell to a low of 121 1/2 on May 17, a drop of 45%. Dickson said the stock has already corrected more than two-thirds of its move from the February low of 84 1/4 to the 221 1/4 April high, and that it's vulnerable to another 10% to 15% loss. But looking even further out from when it was trading around 40 in November of last year to the 221 1/4 high from April, the stock has only lost around 50%, he said, and it may attempt to hold at that point.

Amazon.com was recently trading down 4 15/16, or 4%, at 125 7/8, which is below the 50% retracement level Dickson spoke of, suggesting it could go to the two-thirds level at around 110.
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