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

To: Kailash who wrote (47430)	3/26/1999 12:34:00 PM
From: Rob S.	Read Replies (2) \| Respond to of 164684

Before the "quiet period" surrounding quarter reporting time periods you get pre-announcements out of the way. That gets the majority of bad cases behind the market and then you get the "normal" reports. With the bad stuff mostly accounted for, the rest of the reports look relatively favorable. That is not to say that the aggregate of earnings reports will be outstanding - probably mediocre. From a historical perspective the market is extremely overvalued. The reports are unlikely to justify the high valuations of the darling stocks. But this is a market that has ignored fundamental concerns. My expectation is for a correction in the high-flying techs by this summer. The recent action of the market looks to many technical analysts like "topping action" - but technical market analysis has been hard to figure and has blown out as many historical norms have been exceeded. Before a correction the market may move violently in either direction as we have recently witnessed. The threat of inflation has been put off as some sectors of the domestic economy show signs of cooling. Amazon has again flirted with the 142 level. It almost looked like it would punch through it soildly this morning (to the xtent needed to establish a new trading pattern). I think it will probably pull back by the close as speculators will be less willing to bet on events that might occur over the weekend that can infect the market.