Hard to predict one day's action. But I am very confident that we won't see this evening's high again and AMZN will drift to $107 (2000 high, which is technical significant) no later than 5 trading days from today.
After that, we will see AMZN traded in tight range between $98 and $107 in months, which is good because many tech stocks will crash in this time period.
AMZN is still the best if not the safest stock to own. It will outperform the stock market. In the recession, it will become the best place to look for super bargains.
Sorry if you have recently addressed (there are a lot of posts on this board), but what about longer term? One analyst was pointing out that Apple was going after the first 4 menu items on Amzn's homepage: 1) Books, 2)Movies, Music, Games; 3) Digital Downloads, 4) Kindle. I realize the Kindle is the best value for someone that only wants to read, but looks the the iPad has them on every other feature.
The fact that the starting price on the iPad of only $500 had to hit Bezo's in the gut.
...plus, the sales tax issue is not going away...
plus, while Walmart got off to a slow start, Amzn/EC is now big enough for them to devote a lot more resources to getting ecomerce right.