To the posters that state that the issue of new shares isn't a problem, doesn't the chart show otherwise? Generally speaking it looks to me like the upwards move peaked out mid to early July, perhaps there was some knowledge out there that this move was coming? (Not getting into conspiracy theories here, but general theory is that not all investors have equal access to information, so part of trading is based on technical analysis of moves that happen prior to news). Don't get me wrong, I certainly agree that raising capital (particularly in such enormous amounts!!) could be a good thing in terms of continuing to grow the business, but GOOG is currently running extremely high P/Es, the stock issue is a potential catalyst for a downwards move, as would be GOOG failing to blow away Wall Street on one of their forthcoming earnings reports. All of the above said, the chart is looking weak to me right now. I've started thinking about these things much more in terms of probabilities lately, so I personally think that it is currently far more probable for the stock to move downwards at this point than it is to continue its upwards ramp.