Friday, November 9, 2007

You're a Mean One, Mr. Grinch

OK, enough fooling around. It's time to assess the damage, you in your way and me in mine.

We thought we were going to get away with a puny 8-point decline, but 40 points (with another 14 in the futures this morning) is a little more bracing. So, how low will it go? You can consult your charts, but in my view the only reason for studying the charts is that everybody else is studying them. I consult the seat of my pants. A 20-percent decline is not unusual for GOOG - that would take us back to 600, more or less. I will start looking for my "buy" button if it goes below 650. I don't have a "sell" button anymore.

The more interesting situation, to me personally, is my other investment vehicle - cash. I continue to watch and wait.

Meanwhile, GOOG is at 668, which backs us up about three weeks, as the crow flies.

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