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Technology Stocks : Amazon.com, Inc. (AMZN) -- Ignore unavailable to you. Want to Upgrade?

To: Robert Rose who wrote (69045)	7/22/1999 9:55:00 PM
From: Glenn D. Rudolph	Respond to of 164684

Internets slide with Amazon.com's <AMZN.O> loss By Ian Simpson NEW YORK, July 22 (Reuters) - Internet shares skidded lower Thursday amid gloom about online retailer Amazon.com Inc.'s widening losses and the prospect of higher interest rates. The American Stock Exchange's 48-share Internet index <.IIX> was off 11.6 points, or 3.8 percent, at 294.49 points in early afternoon. The gauge paced a downturn among computer and computer-related shares. The technology-larded Nasdaq composite index <.IXIC> fell 75 points, or 2.7 percent, to 2686 points. Analysts said comments from Federal Reserve Chairman Alan Greenspan raising the prospect of higher interest rates was jolting the sector. In congressional testimony, the central bank chief said the Fed would act swiftly if it saw evidence of rising inflation. Internet shares, with their pricey valuations and with many market favorites losing money, are considered especially vulnerable to higher rates. Greenspan's testimony "creates a nebulous environment for equities," said Conley Turner, an analyst at Wall Street Strategies. Amazon.com helped drag the market lower after the retailer reported a deepening loss in the second quarter despite sharply higher revenues. The company said it would spend heavily on new businesses into 2000, and several analysts downgraded the shares or forecast deeper losses. Amazon.com was off 16-1/16 at 109-3/8 in heavy trade, rising off a low of 106-9/16. In addition, America Online Inc.<AOL.N> fell five to 111-3/16 in a mild selloff after the high-profile service provider posted fiscal fourth-quarter earnings that topped Wall Street forecasts. Danny Rimer, an analyst at Hambrecht & Quist in San Francisco, said the overall Internet downturn reflected a drop in Amazon.com, America Online and shares of other companies that deal with Internet consumers. However, shares in companies that provide Web infrastructure and that forge relationships between corporations -- so-called enterprise solutions -- were stronger because of robust earnings. The direction of the "Internet market as a whole is being dictated by the more popular business-to-consumer story, such as AOL and Amazon," Rimer said. Among enterprise software and infrastructure companies, Vignette Corp. <VIGN.O> was up 7-7/16 at 75 after the company reported revenues rose 409 percent to $14.9 million in the second quarter. Banc of America raised its rating on the shares to buy from hold. Scient Corp. <SCNT.O> also rose, strengthening 3-1/2 to 55-1/2, after the company reported stronger-than-expected results Wednesday. Among Internet stories and headlines: -- Amazon.com slips as deeper losses seen 1/8nN22239502 3/8. -- AOL EPS views raised 1/8nN22275604 3/8. -- Disney <DIS.N> net slips on Internet deal despite strength 1/8nN2221122 3/8. 859-1879)) REUTERS Rtr 21:32 07-22-99

To: Robert Rose who wrote (69045)	7/22/1999 10:01:00 PM
From: Mark Fowler	Respond to of 164684

Mark, why are rising wedges considered bearish, rather than bullish. In other words, why would they tend to resolve to the downside, rather than the upside?< It's not necessary a bearish until that trend line is broken and confirmed like todays sell off...it usually takes some catalyst(news) to break it. The news wasn't good today for the market in general and Amzn is having difficulties of there own - a weak stock. So this means but not always, that a retrace back to lows is possible. The IIX is weak too the MACD is still moving down and there are lots of negative cross currents in the market right now. It'll be this way for sometime. Sometimes i which the damn indices would correct good. I think what it all boils down to is that this bull market is tired and it needs a rest for a while.