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

To: Eric Wells who wrote (74728)	8/19/1999 6:16:00 PM
From: Tradegod	Read Replies (1) \| Respond to of 164684

Today's action in the Nets... Mr. Market took back some from me today. I bought EBAY (as I posted this morning) after it appeared to bottom @ 117 and moved up to 118. Most of the day this looked good,but the selloff was brutal. Unfortunately, I averaged down a little anticipating a rebound but didn't get it. Bailed out of most of it before the close. Days like these are good reminders of market realities. I was a little intoxicated by the incredible strength of late in the nets, and how they had resisted attempts to sell them down. I had left so much money on the table by selling my positions when they started drifting lower, that I decided to ride this one out. Wrong day for that! Now what? While not professing to be a chartist, I'd have to say it's back to trading ranges and uncertainties. One could make a convincing argument that this is just mild profit taking pull back in a bullish reversal. You could also read it as another fakeout rally in a longer downtrend. Using YHOO as a benchmark, (It's sort of in the middle between AOL and AMZN/EBAY in terms of volatility) you can see a consistent pattern of continued downtrends following a big selloff after a runup. In other words, when the rally stops abruptly with a significant selloff, the downtrend continues even lower. The disturbing thing is that these rallies increasingly are making lower highs. Since we're only in the first day of a selloff, it's too early to know for sure.