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Wednesday, December 16, 2009

Google (update)

EDIT: I should have mentioned that Google does have one serious flaw showing on this chart: low volume. Can it make it another $150 in the next 4-6 months in order to achieve an all-time high? Who knows. The count supports it but take that with a grain of salt. I will also say that the market can drop and Google can rebound with the market. Will tech sell off like the last time when the recession in 2007 started? Perhaps not. Perhaps these companies, which seem to be flush with cash, will become the "safe havens" of tomorrow in a downward least for a while....

I actually think over the coming months that Google has a shot at making a new all-time high much as a lot of tech stocks have lately including Amazon and Apple. That is just a hunch based on how strong its charts have been. IBM is also taking a stab. How all this fits into the overall market structure I am not sure.

But for now, it can be said to have hit its inverted H&S target and could be due for a pullback to a lower support maybe a 6-10% haircut as a guess.
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