More On Google

Goog2006213_1Here we see GOOG $100 lower than at our initial “Eye on Google” posting of December 20th and $34 lower than our most recent update on February 7th.  The stock is now nearing the 200-day EMA support level and may be ready for a bounce now that the mainstream media is all over Google, late as usual.  If GOOG is somehow able to muster a bounce to its 50-day EMA, currently around $400, you might want to look for a reversal candle as your signal to enter a new short trade.  If the stock fails to bounce, next stop may be near $300.  Going there would mean more downside for the market in general, and more of the former leaders in particular.  Many of them have already cracked over the past few week.  Cheers!