Google's Upswing
A couple of days ago, I mentioned Google (GOOG) might be a good short term buy (yes, buy - I'm not JUST a bear, you know!) It's climbed something like 30 points or so since then.
I don't expect this to be a new trend as it makes its way to $2,000. Indeed, I'd short it as it approaches its retracement level of $394. It was kind of weird seeing GOOG staying so static over a few days. Now it's back to its old volatile self.
7 comments:
Maximum pain indicator shows $370 as the area for the big boys to pin it today.
Yeah, I'm inclined to agree; maybe GOOG doesn't have the energy to make it back up to former retracement. I'm getting puts at this level.
http://www.iqauto.com/cgi-bin/pain.pl
March option activity shows 370 as the point of max pain. This could be fun, riding the elevator up and down.
I'm new to your site and have enjoyed your comments about GOOG. I'm also new to calls & puts & didn't get the 494 retracement part?
Thank you.
The retracement refers to the Fibonacci retracement levels I drew a number of weeks back. These levels are (rounded to the dollar)
$394
$331
$287
$242
$187
I find that last figure interesting, since that's about the price Barron's said GOOG might fall to, ultimately.
I have been reading your comments regularly. You made some good calls.
Just checking on GOOG,
You meant 394$ not 494$ ?
You are right! I've corrected this; thanks for the heads-up.
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