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

To: GST who wrote (114223)	1/4/2001 1:28:21 PM
From: craig crawford	Read Replies (2) \| Respond to of 164684

Thanks, but you can't take credit for it until you sell and take that money to the bank. I haven't sold anything yet but am seriously considering lightening up on CSCO if it bumps up close to 45 again, and AMAT around 50. CSCO held onto 45 as support a few times before it finally broke. That seems like a logical resistance point after a huge 2 day move. AMAT is acting like a champ after such a huge move and a downgrade, but it is approaching serious resistance a little bit above 50. Say the 52 area. I have no intention of selling SUNW or ORCL yet (waiting for 36 on both of those) and YHOO is frustrating but I love how people are still trashing it every single day. That is REALLY lowering expectations going into their earnings report next week. >> I did not cover. << I don't know what you are short, so I can't offer much opinion as to if that's a wise move or not. I can say that I think it is just plain FOOLISH to make a broad bet on the market failing here. If you have a brother or sister that works at a company like INKT and they tell you that the CEO is huddled over in the corner and crying then I can see going short something like that. But I think it is just plain wrong to be making broad bets against the market here. The longer we go without the Naz rolling over, the more anxious the shorts are going to get and realize they just have to cover. Otherwise they can get trampled in a hurry. Ask yourself this, GST. What happened last time we had a huge move in the Naz? We popped 280 points on 12/05 and then another 100 points right up to 3000 the following morning very early. That was all the market could muster, and it was quickly overwhelmed by selling. What is happening today? We had the hugest move ever in the Nasdaq yesterday, closed right at the highs on record volume, and there aren't even enough sellers to keep the Naz in the red! Not only that, we aren't at major resistance yet like we hit last time at 3000 after the huge move. We are even a 150-200 points from the downtrend line which we should surely test. YHOO has been positively trashed on today but is holding up pretty well. AMAT was up almost 10 points yesterday, gets downgraded and is holding onto most of it's gains. Semis are being talked down again and the SOX goes higher. The market just isn't repsonding to bad news the way it has in the past few months. The shorts really need to hope the market rolls over here in the next hour or so. If the sellers do not emerge in the next 60-90 minutes, we are going to have big buying into the close and they will take 'em higher. It's still too early to game, but gun to my head I would say rally to highs at the close. Perhaps you will get a break from some nervous nellies selling ahead of the employment data tomorrow. If that happens and the Nasdaq closes modestly lower today, then we resume the rally tomorrow! You would say this is a pretty dull market today wouldn't you? What is the old adage? Never short a dull market! GST, I'm not saying you have to jump in with both feet here after such a big run, but I think you should change your strategy to buying the dips from selling the rallies. If you want to hold onto your shorts, nibble at a few longs to hedge yourself a bit. I wouldn't be surprised if we get one more round of mild weakness before the end of the day. That would be one I would be looking to buy, not piling on with more shorts.