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After another $4 decline today, Google (GOOG) is now resting on key support levels made from the March lows. Already down 40% on the year, Google shareholders no doubt have their fingers crossed that this support holds.
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In a bear market, the market participants have a tendency to drive a stock price lower than is expected. The market will probably do this to GOOG, as well.
The last example I saw, were the energy stocks, yesterday, on very low volume. The natural gas sector was especially hit hard, so I was able to take advantage of this and buy Natural gas stocks yesterday, for an overnight profit of 8 to 14%.
I suppose it's possible for GOOG to do the same thing, but at the moment, market sentiment is shying away from the QQQQ, and pundits are predicting 32 or 37 on the QQQQ in the coming weeks.
I think the line you drew on GOOG support is close to the bottom. I'll wait for the first up day. Doesn't make any sense to try and catch a falling knife.
Posted by: zstock | September 11, 2008 at 04:06 AM