Google Taking On The Feds
Google’s mantra has been “do no evil". And they appear to be following that rule. Google recently said “no” to the government’s request for a piece of their search data.
While this act of courage is noble, the stock market voted with their money last week and pulled out in a hurry. If I am not mistaken, last week’s price drop is the largest one week percentage drop for GOOG. Moves like that, regardless of the reason, are to be respected.
Today’s price action indicates that some form of support is near the $400 level. The gap opening today (open at $407.76 versus Friday’s close of $399.46) doesn’t give me a warm, fuzzy feeling though. It seems that gaps love to be filled, especially the news driven type.
I will need to see where support and resistance forms for this stock before deciding my next move.
