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

To: John Chen who wrote (35301)	1/18/1999 2:57:00 PM
From: Rob S.	Respond to of 164684

OT Insiders bought FLYR at around this level - they are betting their own money it will move up from here. It now trades at a 25% DISCOUNT to it's book value! It makes sense either as an Internet play or a conservative value play. Nice to have both at this phase of the Internet speculation bubble. The only major risk, IMO, is that it won't catch on as a glory Internet stock and will just be judged as a small cap. Even at that, the stock is very attractive.

To: John Chen who wrote (35301)	1/18/1999 9:03:00 PM
From: Stefan	Read Replies (2) \| Respond to of 164684

for those who like action, since AMZN is going flat. If you really want to see some action tomorrow then look at IMON. They have turn the float five times on Friday and went up over 200%. You don't have to play this one but watching it might be a lot of fun. Just check the number of posts on Yahoo and SI.

To: John Chen who wrote (35301)	1/18/1999 9:51:00 PM
From: Glenn D. Rudolph	Respond to of 164684

Updated 18/19-Jan-99 The Market According to Yogi Berra Brazil: "It's Deja Vu All Over Again" We've read this script before, haven't we? Scene 1: Pressure builds on developing country to devalue currency, financial markets fear repercussions. Scene 2: Developing country finally devalues and financial markets express relief that bad news is finally out. Scene 3: Developing country currency continues to crumble and contagion sets in; global financial markets in chaos. In Brazil, we have now witnessed scenes 1 and 2. The only remaining question is whether Brazil will manage a peaceful exit prior to scene 3, or whether the Brazilian script will end the way that scripts ended in Mexico 1994, Thailand 1997, and Russia 1998. The lesson to be learned from Mexico, Thailand, and Russia, is that once a currency is devalued, the credibility of the currency is undermined. Brazil will very quickly find itself in the same position that it was in prior to last week's devaluation -- currency outflows will continue, reserves will fall, and the real will remain under pressure. Quite simply, Brazil "made to many wrong mistakes." Meanwhile, history suggests that it would be wise to bet on lower stock prices over the near-term as Brazil's troubles, and the uncertain impact on the regional economy/world financial markets, weigh on market psychology. Impeachment: "I Didn't Say Everything I Said." Senate trial of President Clinton is underway and hopes for a speedy affair without witnesses looks less and less likely. In fact, just as the street was surprised by the House's decision to impeach the President (after the November election results), Briefing.com maintains that there remains about a 40% chance of conviction - a much higher likelihood than is being priced into stocks at the moment, leaving open the possibility of another negative surprise. Earnings: "The Future Ain't What it Used to Be" Two, three years ago when S&P 500 traded near 24x trailing twelve-month earnings, at least investors could point to double-digit earnings growth to justify the premium multiple. Today, with the S&P 500 trading at 32x ttm results, earnings growth has slowed to the low single digits. What's more the outlook for the next couple of quarters is equally bleak, as the impact from last summer's financial meltdown will finally be felt on the bottom line. Not all sectors will be hit equally. Technology and select consumer stocks will fare better than basic material, airline, energy and financial companies. But the undeniable truth is that corporate earnings growth is slowing at the same time stock prices continue to climb. History tells us that this dichotomy can't, and won't, persist for long. So either earnings growth must accelerate sharply or stock prices must fall. Given that domestic economic growth is projected to slow in CY1999, it's tough to make a compelling case for year/year earnings growth of better than 5%. Consequently, the best bet is that some air is let out of inflated stock prices. Bull Market: "It Ain't Over Till It's Over" Anxiety over Brazil, unspectacular earnings growth, impeachment, excessive valuations and overextended technical indicators combine to paint an unflattering picture of the market at the moment. In fact, the Brazilian devaluation appears to have ushered in a change in market sentiment as buying has been scarce in recent days. Traders now seem content with the idea of taking some profits off the table. Considering how far and how fast the market climbed off its October lows, such behavior is long overdue. But don't mistake normal corrective activity for a bear market. Fundamentally, the market backdrop (aside from earnings growth) remains relatively healthy. The Fed is accommodating, inflation non-existent, liquidity high and unemployment low. In addition, the consumer, buoyed by stock market gains, looks likely to keep spending at a healthy clip. The long-term technical tone is also bullish, as the indices are trading above their 200-day moving averages and volume indicators are solid. So while we wouldn't be surprised to see the indices pullback by between 7% and 10% over the next few weeks, the bull market ain't over yet.