Looks like lower hi & do not have many short to squeeze with this time. 1 newsletter trying to tell people to buy at 275 level yesterday. Right now it is 283.
To Mr z & all you GOOG traders out there - Basically GOOG's been down 5 days in a row (ok it was up 30 cents on 1 day in which its range was lower). So why should I be nervous over my short ? #1 - I love to take profits & hate letting winners turn into losses. #2 - Institutions were nibbling more yesterday altho volume was subpar overall. #3 - A counter move (at least temporary) is likely & the pm bounce back from 280 showed GOOG isn't dead yet. I'm gonna trade it (buy-in 1/2 of my short position) as follows: ASSUMING NEUTRAL MARKET (typical summer Friday volume & range) IF GOOG trades down in the AM but fails to break 280-280 1/2, then starts trending up I'll load the BUY gun & fire if it breaks the top of the 1st 1/2 hour range ----> in which case I'll be looking for GOOG to break thru 286 1/2-287 & run to 292-294 ( not necessarily on Friday but within 3-5 days). If GOOG trends down or flat i'll leave it alone.
Nice call tony. I was thinking the same around the time of your first post. But I didn't have the kahunas to pull the trigger.
To zxcv1fu & all you GOOG traders out there YES you're right. I was gonna cover 1/2 but decided to cover it all & see what develops from here. The 1st hour range was 281.90 to 283.70 on GOOG in a weak market. GOOG traded inside that range (except for minor break to 289.42) until mid-afternoon when volume & price appreciation came in. I covered @ 286. 25 after it had traded over 286.58 ( previous day's high). I'll be watchig GOOG re: its 50dma line. Good luck guys !!
Well, since I started the thread, I'll keep the charts going. On the 60 min charts, we seem to have a short term double bottom. First bounce was 8/11 @ 10:30 AM. That was followed with a minor rally, a drop in prices and a hitting of the second point of the double bottom at 8/12 11:30 AM. The rest of 8/12 was filled with buying. The last rally(8/2) petered out at around 300. Unfortunately, fridays close took us to about where the down trendline should be drawn, so its difficult to tell where we are. If on Monday we see a bounce off the down trend, we're going down. If we get to 300 and keep going up, looks like the uptrend is going to continue. Looks like this is one where you have to pick the side you like and stick with it till the market proves you wrong ! -T
tony & all you GOOG traders --> your analysis makes sense to me (as far as it goes) Unless you need to be in play/trade GOOG constantly I think there's another option -----> since GOOG has a lotta overhead congestion in the 290 - 300 area with 50dma @ 293 why not wait to see if GOOG either slices thru that or falls back
There is "adding to SP rumor" going around by 8/22. GOOG may be bullish bias. My OTM puts are stops by themself since they are cheap. The only time I need to close is when the options become very profitable. Last time when my spreads were more than doubled, I scaled out & rolled down. It was 6 months ago when GOOG was around $200 level.
i realized why traders insist on shorting strong stocks and sectors.. so they can contribute to the squeeze.