Breakout or breakdown?
Double Bottom on the daily. Easy to manage, set stop at today's lows.
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5 comments:
Good to see somebody's open for bidness today.
Looking at GOOG today, and I noticed it's breached (to the downside) it's "old high" (pre-explosion to the $740's) of $558.58 pn July 16, 2007. It dojied that next day, faltered the next two and then gapped down.
Curiously enough, we've a major gap to fill starting at the $526-ish region and going down about 75 points from there. What's interesting about that is that if you return back to that prior high area (after the gap down) you've about a month of thrash before Google jumped almost vertically to it's NEW highs in the $740's. That jump off point was the same $526 area.
Symmetries abound, but I'm not sure how meaningful they are. I guess the short answer is... keep an eye on Google for luscious fat gains possibly on any kind of major market melt....
I'm short GOOG.
For more clarification on the above... I was using a two year daily chart to look at all of that.
The other thing that pops up at me whilst looking at that chart is the stubborn fact -- and I am using that term with reasonable confidence -- that the bounce off that recent high meltdown STILL looks like distribution.
I am thinking we will know very soon. Similar situation to your Priceline, which is at this moment hugging (for dear life) a very long term trend line that started on 8/03/06. Almost two years old now....
I'm short GOOG.
LOL... That's good to know!
Just as an aside... if you ever check out Tom2Oc's website, you will note that he trades almost completely on the behaviour of what he calls "the GOAX" -- which is GOOG, AAPL, and the $BKX.
He has a lot of decent insights on trading GOOG, just fyi.
Oil stocks are an excellent way to invest.
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