Monday, December 18, 2006

GOOG..Finally Breaks!




On December 14th, I showed the above chart of GOOG and I stated my reasons why I was looking to short this stock..(check the archives for my reasons). Well it finally broke support! We shorted GOOG when it took out the 477 support level and watched it go straight down all day.. GOOG closed below it's 50 day moving average on good volume.. If you took this trade, you should have an open profit of around 14 dollars. I think GOOG has a shot at filling the gap which begins at 455.. I lowered my stop to near break even so this trade has no risk.. We'll see what happens...

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Posted by Kevin

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