Now lets have a closer look at GOOG via the daily chart below.
We have broken down out of what could appears to be a substantial rising wedge. We have not only kissed the trend line from underneath, but da boyz had the nerve to even violate the prior resistance indicated by the purple line from the gap down.
How many Googlers bought this fake and shake? Are there any Googleites left or have they all converted religious affiliation to AAPL?
I happened to catch James Paulsen of Wells Capital Management yesterday (you can view the segment here) on the propaganda network (CNBC). Regarding economic growth, or lack thereof, Mr. Paulsen had this gem;
"soft patch that was the product of primary and temporary forces - weather and Japan - and also some market forces"
Yes it was the weather and if that excuse makes you a little suspect of you fund manager throw in Japan for good measure. Maybe add in an Icelandic volcano, sunspots, an eclipse and el Nino and you have the makings of someone involved in the management of $360 odd billion dollars.
Absolutely mind boggling.
But Mr. Paulsen is not worry free. He does worry about fiscal austerity road we are going down.
"we got a wonderful economic laboratory experiment going on in the world right now."
Is that what he thinks this is, an big experiment. Nice attitude. I guess you can feel that way when it's somebody elses $360 billion right?
It is not often that you get someone talking and you can disagree with pretty much everything that comes out of his mouth. In Mr. Paulsen's defence, he seems like a decent cat, as oppose to my buddy David 'investing is easy' Tepper.
Sadly Mr. Paulsen's solution is to promote growth period as it always works. Now there is nothing wrong with promoting growth. The problem is Paulsen and his ilk growth don't promote growth as you, I, Ayn Rand or anyt other TRUE free market capitalist would - hint SAVINGS - rather theirs is a perverted view of growth that is created via mountains upon mountains of debt. You see Paulsen's word growth is simply code for give us all more heroin (DEBT) Mr. Bernanke and Mr. Greenspan before him., Its always worked in the past right Jim? Like Pavlovs dog. You must understand that the fiscal austerity that Mr. Paulsen abhors and is petrified of is to people like him as is Kryptonite is to Superman.
Good speculating to you all and please remember to never forget that "an investor is a speculator who made a mistake and will not admit it".
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