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To: craig crawford who wrote (11587)	7/1/1998 10:05:00 AM
From: McNabb Brothers	Read Replies (1) \| Respond to of 27307

Are you not short AMZN now? Hank

To: craig crawford who wrote (11587)	7/1/1998 3:59:00 PM
From: Tim Bagwell	Read Replies (2) \| Respond to of 27307

Craig, It was funny to see the much anticipated summer rally begin almost immediately after June 21. To some extent this market is becoming too predictable. So obviously we are in the summer rally now. I agree that we could see a correction in the fall. I expect the market to have trouble getting beyond a 24 times multiple as measured by the S&P500 and earnings are not expected to grow out of single digits for the year. So we'll go up a bit more and then sideways I guess. I view the market as unstable at these lofty prices. I'm not bearish right now but I took a small short in YHOO on a hunch that there would be resistance in the 130's. It didn't last long. I'm looking at different strategies to offset the loss now but I can't go long at these levels. It just goes against my grain. It looks like you were right on your YHOO call. Any guess where it will break next? Any chance we're seeing a short squeeze here? AMZN appears to be under a short attack now with its low float.