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

To: Sarmad Y. Hermiz who wrote (45184)	3/11/1999 11:54:00 AM
From: Slumdog	Read Replies (3) \| Respond to of 164684

Covered some cmgi this AM at 176 7/8 with a market order. Feel a little better now. Have to be more careful, it sure depletes the scotch supply.........

To: Sarmad Y. Hermiz who wrote (45184)	3/11/1999 1:51:00 PM
From: Rob S.	Read Replies (1) \| Respond to of 164684

I don't think it will gap up but that will be better judged after the close. I think the resistance will hold for a few days unless the market gets wild. The momentum is going nuts in other Internet stocks - stocks like EPAY and EFAX. They are or will likely be great shorts within 2-4 days. EFAX, for instance, is shooting up on news that it signd 100,000 "customers" to receive free fax-email service. Few have stopped to ask how easy it is for others to offer similar free service. Free is a very attractive price tag - they might even get me as a "customer". But does that justify billion dollar overnight valuations? Regardless of that, several momentum plays have shot up "too far too fast" and will collapse, IMO, within a few days. Yahoo!, AMZN are trading relatively mildly and are not at near the short-term extremes of these day-trading stocks. ------------- As I suspected, the cyclicals, lead by the oils and oil service sector and financials, are moving the market higher. High tech sectors are also being lifted. I think this is mostly a technical rally with benefits from positive cash flows into funds and favorable news on inflation. The market is also benefiting from a relief of worries over problems in foreign markets. Stability or rising commodity prices have helped out by improving the prospects for earnings growth. However, this is a double-edged sword. Some of the sectors that have been ignored or have come down even while the DOW has enjoyed a wild ride up are now poised to benefit from improved foreign markets and prices. Rising commodity prices will also have an adverse effect on inflation rates, particularly toward the end of the year when improvements overseas results in pressure on the dollar. Part of what has lifted the maket has been a huge inflow of foreign capital. That is unlikely to stay at the same level in the coming months as uses at home become more attractive. What is going to drive the market higher? The DOW is up to record levels but the broader market indexes are still down from last year. I think we will see a rotation out of the over-valued sectors and into the cyclicals and growth value plays by the second half.