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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 220.66+1.6%Nov 21 9:30 AM EST
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To: Robert Rose who wrote (60238)6/3/1999 4:19:00 PM
From: Rob S.  Read Replies (2) of 164684
 
For a normal stock sector I would agree with you. But there is still a lot of fluff left in this sector and many high techs, IMO. Anyway, the huge inflows of capital that have floated the Internet stocks has shifted out toward the cyclicals and value growth stocks or just into cash. That trend will continue through the summer and possibly into early fall before being reversed, IMO.

Each time the net stocks have tried to stage a technical rally recently, it has grown weaker, not stronger. I see no reason to think that the bottom has been reached - why has it? Just because the stocks have moved down so much? That is the reverse of the argument of the bears as these stocks were moving up incredibly as money flowed into the sector. "They can't continue to go up because they have gone up already by so much". Technical over-extension in one direction or the other is one short-term factor but it is not an underlying cause for a trend. I'll stick with my theory that a lot of the movement in these stocks is caused by the previous pumping up of liquidity, seasonal sales factors, and a huge influx of retail investors and Internet trading. And now, "Schools out for summer . . ."

BTW, sorry to hear you are down so much . . . remember to take some profits along the way.
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