I was long 2 times during the life of this thread (read it all) The only problem with going long at this point is the ability to find a safe and profitable r/r worth taking. GOOG can easily gap down $50 in one day at it's current volatility levels, it's in parabolic mode right now and that's unsustainable for too long. It WILL either correct huge OR consolidate for a long period of time soon enough.
Gap up with a close at the low of the day "could" be a blow off top but it's still early and this damn thing is a monster and who knows were it will close.
Goog is going to 4000. There are no blowoff tops or anything I know how stocks work I am almost never wrong when I say buy it is not being flipant
This stock is in an obvious upward trend. All of the stochastics and moving averages point to an upward trend with no reversals in sight. The fundamentals on this company are sound. I can understand wanting to scalp a little on the short side if you're a very short term player but you'll easily see your stops blown out even if you find that you're in the money a point or two. And then you'll get crappy fills out of the money. It's a frustrating and stressful business being a short scalper on a strong bull stock. Instead of trying to short, then wait for some intra-day pullbacks on a 5 minute chart, establish a long position on the bid, throw up some offers a point or more above the offer and watch the shorts take you out when they frantically cover. It's really pretty easy money... If you have some balls and can carry overnight positions, then average into a long position with moderate size (no more than 1000 shares). Let this be your core position and trade around it on the long side. Once your technicals show you some obvious reversals, then you can scalp from the short side while maintaining a core short position. Again, the charts don't lie and the trend is truly a friend. There's no need to be a Neiderhoffer-type contrarian on this stock. That's suicide.
Goldenarm Yes you are 100% correct and if I didn't not see such high volatility levels (which = high probability fast and hard moves) then I wouldn't touch this puppy BUT that being said this is a potential lottery ticket and the risk justifies the reward if traded properly. I will note that I also shorted crox in a similar fashion 2 months ago. I do not expect GOOG to be another CROX but I do expect hard and fast moves.
You don't want to short this just yet $751 is the first TA target as its the Measured move & a 161.8% ext to complete some lesser degree waves. But longer term GOOG looks like it wants $982
Any where in Mid $800's is a good eyeball target. The $982 is just a standard 161.8% projection which it could well do if it wants ... Point is though with the price at $735 ish your asking for trouble tring to short it
I wonder if this Guy's blown his pot now GOOG is at $742 and change... :eek: http://www.tradertom.com/analysis.htm