Last night, I laid down my head, happy that the market, for once, had fallen into line with my particular investment style - cash and Google.
But the weekend is no time to rest on one's laurel - an expectation must be formulated about the week to come. Whither Google? Whither cash?
Will $658.49 become the near term high or will GOOG power through to greater highs? If the broad market continues to sell off, it will be hard for GOOG to keep going. But if it powers through, there will still be a limit to its hubris around 675 to 700, I'm thinking. So if it gets there in the next week or so, I will trim a bit more.
If the market correction continues, it could take GOOG down with it to a buyable range. On the cash side, I will be looking desperately for an entry point. Are we setting up for a test of the summer lows? It might not go that far. "Global Recession" is the key - we need a little panic overseas.
Because if the market snaps back and Google stalls, I'm out the window.
At dawn, I was still looking up at the ceiling, considering my options.
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2 comments:
I hope you don't jump out the window. Google needs a pull back and this time is as good as any. No stock is above the market sentiment and direction. We have reached a short term top and it would be healthy to pull back and possibly retest the 50 DMA. No stock or markets can go straight up. Though I have given up prognosticating the direction of the market, it is safe to assume that Friday's sell off was long over due and probably will continue for some period of time next week, possibly more.
Google retraced most of its gains yesterday from being up $20 in premarket to being up a little over $5, and most of this came prior to close. In the after hours, fear settled in and Google finished down another $1.71.
I too am long Google like you, but protect the downside by buying some puts or go to cash.
podboy - Thank you for your concern and your reasoned comments. I didn't know that comments could be that good.
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