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

To: Wayners who wrote (13590)	8/15/1998 7:58:00 PM
From: Bill Harmond	Read Replies (4) \| Respond to of 164684

>>Technically I think the topping formation is completing now Wayne, Rob, and other bears: I urge you to be wary, and to recognize how very strong Amazon really is. You probably don't realize it, but yesterday's close at 122 3/4 is Amazon's highest weekly close ever relative to the Internet Index, the Nasdaq, and the S&P 500. All three. Amazon is simply the strongest stock in the strongest sector in the market...not the kind of stock that begs to be shorted. Now anything can certainly happen (and I myself traded out of a long position for the moment), but I would be very leery about an intermediate bear case until Amazon shows consistent relative underperformance. As long as a stock is outperforming the S&P 500 there is no motivation for institutions to sell it, unless some catalyst comes along to change fundamental perceptions. Even if funds start experiencing redemptions, they will sell their underperformers first. Everyone is looking at the same chart and applying the same indicators. When everyone is looking at the same thing and projecting the same possibilities, the consensus rarely happens.