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

To: Jan Crawley who wrote (15278)	8/31/1998 2:35:00 AM
From: Bill Harmond	Read Replies (1) \| Respond to of 164687

I'm not predicting it, but if we are indeed in a cyclical bear market then a 50-60% decline from the highs is almost routine for a high-flier. Plus, the 200-day (to me the ultimate intermediate-term support moving average) is just passing up through 57.

To: Jan Crawley who wrote (15278)	8/31/1998 9:14:00 AM
From: H James Morris	Read Replies (1) \| Respond to of 164687

Jan, from todays Wsj (abreast of the market). <Veteran market watchers have grown increasingly wary of the phenomenal popularity of companies whose business models assume healthy profits can be made on the Internet. The best evidence that disaster was looming, they argue, was the outlandish prices being paid for shares of companies, such as search-engine developer Yahoo and on-line bookseller Amazon.com. Indeed, even after Friday's drops, Yahoo is still up almost 400% from its 52-week low and Amazon.com is still up 660%. "The individuals came in later to the bull market and caused the mania phase where the valuations became excessive," says Arthur Micheletti, chief investment strategist for Bailard, Biehl & Kaiser in Foster City, Calif. "It's typical in most manias that the individuals are the last ones in, and you end up in speculative excess." But what builds gradually, sometimes over a period of years, can be undone in a relative flash. "It seems that everyone goes to the exits at the same time," he says. "And right now, the theater is full."