After hitting a new 52-week high in the early minutes of trading, shares of GOOG have been under pressure over concerns regarding lower margins due to the Nexus One phone launch as well as Baidu's (BIDU) announcement that it will create an online video company. The stock is currently trading down nearly 3.5% from its morning high, which would mark the largest negative intraday reversal in the stock since June 22nd. As a result of today's sell-off, GOOG is now trading right above its 20-day moving average (DMA) of $609. This level has acted as support in the past, so traders will we be watching to see if this holds. If the 20-DMA level fails to hold, the next point of interest becomes the 50-DMA which currently sits at $586.
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