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

To: JC Reddy who wrote (30796)	12/21/1998 9:07:00 PM
From: Rob S.	Read Replies (2) \| Respond to of 164684

when this bubble will burst is a high stakes gamble. When Amazon, YHOO, AOL and other stocks that have very high short interest and high levels of options activity are on a general uptrend they have rocketed up around options expiration. Look at how many call option contracts are outstanding on these stocks - they represent millions of shares on Amazon. A portion of those are naked which means they must be covered within 3 days of expiration. Part of today's move was probably caused by call covering. Part of it was caused by short covering and the rest of the movement was caused by momentum investors and late comers. These stocks may move up some more but will likely be down from this level by next week. But that will just be a technical correction and won't be a collapse. This is the prime season for retail sales and many new Internet wonks are climbing onto the bandwagon. All those new PC's under the Christmas tree will be turned onto the net. I have not been following the intraday trading action on these stocks. My short list includes AMZN but the best shorts IMO are AOL, ONSL, RMII, XCIT. If you short now, cover if they get a 15%-20% pull back. Otherwise, wait until after the January effect plays out.