Spiga

Google Stock looks like a top

A quick scan of the final $320.00 NON confirming high and gap down is setting up the topping pattern classic to growth stocks. My prediction is that GOOG will soon announce a 2-1 or 3-1 Stock Split.... They have tried to be unique in what they do, but i think (when scanning Orkut and google labs...) that all these employees they have garnered better come up with some more interesting unique concepts to keep the machine going... I am not recommending a short here, but the 300 or 280 puts have already payed nicely off that 320 gap down. (this posting is for those readers who are curious what a trader sees in a chart. NOTICE the MID JUN-MID July new highs with a NON-confirming MACD and Break of the uptrend...
I would see google doing a sideways pattern for some time, a final move up and then a slow drag to the downside as the next set of NEW internet companies come out of the VC warchest into IPO land... Google is a HOLD here

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