Friday, June 27, 2008

Defcon 1 warning on Google - GOOG

I have no position in Google ticker GOOG (chart above) but anyone who does I would suggest minding the gap just below current levels. It may or may not hold but if you're long (which I am not) I would counsel extreme caution and the judicious use of stops here. I am in no way cerebral enough to evaluate Google's business but the chart is something I can. WE are into the gap with today's trading and as every reader of this blog knows, it is paramount to live to trade another day. Anyone long GOOG should be on Defcon 1 level of readiness. I do hope I am wrong, but given this market discretion is advised.


Good speculating to you all and always remember that "an investor is a speculator who made a mistake and will not admit it".

4 comments:

m said...

What's your goal on SRS? Initiatially I was shooting for 110, but now I'm starting to get greedy and thinking about 120. How far do you think commercial real estate has to fall?

Harleydog said...

m

although I will often outline a target on a chart I rarely sell at a precise level. I prefer to use trailing stops, giving some back, but respecting the fact that can move up or down farther than we can imagine.

I believe commercial real estate to fall a long way and would not be surprised to see the SRS test and take out it's Jan highs.

I will post a chart which shows a falling wedge.

HD

m said...

HD, thanks for your great analysis and your quick responses. You're one of the few blogs I read on a daily basis.

Harleydog said...

thx for reading and your kind words. I just posted a chart for your reference.