Friday, May 29, 2009

Rappelling, anyone?

GOOG: 417.23

Wait a minute. We've been here before. Except the roof is now where the floor used to be. But we went through it today like poor insulation. Goog has now re-achieved a promontory from which we used to peer into the abyss. Only we didn't believe it was really an abyss, back then.

We'd look down and say, "It might go to 410, but if it does, it'll surely bounce. But if 410 doesn't hold, 400 is a big round number that will be all but impossible to penetrate." It was beyond our imagination then to be worried about 300. Or worse. Sufficient to the day was the magnitude of our concern.

We've reached a level now where I begin to tap into my inner Cramer, thinking that I should schnitzel a few shares and lock in a profit. But, in the past, I've always gotten in trouble when I sold GOOG. Schnitzeling doesn't become me.

Besides, the Fast Money crew, without Macke, was uncharacteristically kind to GOOG today. A guest came on - I think it was Mahaney - saying GOOG looked good over the summer.

The bearish case is that, Sunday, Schmidt is going to be on Meet the Press.

Against advice, I'm going to hold. But if it gets close to 500, before its time, I'll do something. Maybe.

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