Tuesday, March 06, 2007

GOOG Holds An Important Trendline



A few weeks ago I posted some comments about how GOOG bottoms every 6 months at which point it's a buy. You can read those comments by clicking here.

Everything is lining up just like I've been anticipating for months. I wanted GOOG to dip below 450 and test the trend line and I needed this to happen in late February or early March for me to consider buying GOOG.

So you may ask if everything is developing just like I've been hoping for, why am I not buying GOOG? The answer is the market environment. I don't feel comfortable being long any stocks right now. I might be missing a great opportunity right here with GOOG but I'm just going to avoid longs right now and look to get short this market.

2 comments:

miamirenter said...

kevin,
a month ago i had said market will go lower and many end greatly lower by year end and you said "lots of people saying that and it is going higher"
i respect how you changed your stance by lookig at the tape..lots of people can't change their opinion like that..you are a trader indeed..
what do you think about CFC puts (subprime hassles)
they say 10% subprime i think impact is much more

Kevin said...

That's right, I changed my opinion about the market once I saw conditions change.. I really don't care about being right or wrong...I just want to make money and that means adapting to what's going on.

You made a very good call about the market going lower before the sell off. Nice going.

Not sure about CFC puts. NDE just came out with positive comments and the stock is up 1.70 right now.

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