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

To: Robert Rose who wrote (92538)	1/29/2000 1:14:00 PM
From: H James Morris	Read Replies (1) \| Respond to of 164684

>Bottom line: LOOK OUT BELOW! Robert, I thought you were an Amzn bull and now your inferring its sinking? TURN COATS! You and Lise Buyer.;-) Ps Good to talk to you the other day. The Fed won't come out with its decision until Wednesday afternoon, and that may mean the first part of the week remains tough for stocks, which were riled by Friday's strong numbers and rumors, unconfirmed, of hedge funds running into trouble in fixed-income and currency trades. "Until we get the Fed out of the way, I think we're going to continue to be volatile with a downward bias," said Tony Dwyer, chief market strategist at Kirlin Holdings. The problem is not just the Fed but a fear of losing the money made in the fourth-quarter run-up. "Everybody's trying to get out the door at the same time, to not give up the gains. That's a more important backdrop to the market than even interest rates." Fanning the fear, the market's technicals are not good. Important levels of 1380 on the S&P 500 and 11,000 on the Dow Jones Industrial Average have been broken. The next major lines of support are a ways off -- 1300 and 10,000, thinks Bob Dickey, managing director of technical analysis at Dain Rauscher Wessels. "That's a real good floor area, and that's probably where we're headed," he said. The Nasdaq Composite has yet to hit its big support level at 3750, the place it hit in that first, bad week of the year. And that is a good thing, said Dickey. "Underneath there, I don't know where the support is, so it's real important that it keeps it." Scared? A lot of people are. The highfliers are cracking, and people are seeing those once-in-a-lifetime gains melt away. Those who stand their ground, who buy when the weak holders capitulate, will make out well, Dwyer believes. "The momentum stocks that took the market up to unstable levels are bringing it back down," he said. "You're even beginning to hear panic in people's voices. Panic brings opportunity."