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I'm Dan Fitzpatrick at Stock and OptionMarketMentor.com on Monday the
15th of October. Let's look at Google ( $GOOG Google Inc ).
Google ( $GOOG Google Inc ), the D.O.J. has them in their line-of-sight. We're getting kind
of a Microsoft retread
antitrust thing happening here. So what happened with Google ( $GOOG Google Inc ) today?
The stock closed down
half a percent but what was really meaningful to me was the fact that it
dipped so far down during the day. Let's just zoom in and we'll look at say a five-
minute chart
and you can see.
This had actually started selling off on Friday, it just continued and then
look at what happened on this volume here.
One big last volume spike here and
that was the last gasp
of sellers, that was it, this was the bottom right here, we'll call it
$730.00.
Google ( $GOOG Google Inc ), right here after all this big decline, I can just keep going back, you
can see it's kept going, this was a major bottom here, you're not really going to pick
that up unless you go intraday like this.
The new low
really is $730.00
for Google ( $GOOG Google Inc ).
Then it printed, what was this?
Right around well,
$736.00 something like that, was resistance,
now the stock has broken out
so this is a key low right here, $730.00.
If the stock though, starts falling back tomorrow,
you could also get any pullback to about $736.00 also act as
support for the stock
just because of this
rule of prior resistance once broken
often becomes new support, so watch for this type of a move in Google ( $GOOG Google Inc ). If you're
a trader
I think this is a buying opportunity for you
but I think ultimately Google's ( $GOOG Google Inc ) going to test the 50-day moving
average, that's just what stocks do but if you're a short term trader, you're an
aggressive trader,
I think you can take Google ( $GOOG Google Inc )
for a ride;
just make sure that you understand that if it pops down below
$730.00
you just don't want to hold it all the way down for that test, there's no
particular reason to do that.
Okay,
also if you haven't done it already
go over to OptionMarketMentor.com, we're offering a risk-less
30-day trial for s$7.77; you try it for 30-days,
if you don't like it just cancel, we'll even give you your $7.77
back okay; but I want you to get that done; we're doing a lot of good
stuff over there. If you're new to options trading, if you find it a little
bit daunting,
start here. If you find out that options aren't for you or that Option Market Mentor
isn't for you, you know what? At least you tried and isn't that what's the most
important? So I'll see over there. Members, get over to the Strategy Session,
lots of stuff to talk about tonight.