Google Stock Quote

Yes, it’s official, Google traded over and closed above $500. The stock closed at $509.65, up $14.60 (2.86%) for the day.

Price action was bullish. The stock moved decisively through the $500 price level near 10AM on large volume. It is very possible that a lot of buy stop orders were triggered once the $500 mark was cleared. If you look back at the last week of trading, you will see that the stop came very close to the $500 level on mulitple occasions.

What made today’s price action even more promising for the bullish camp is what the stock didn’t do after moving above the century mark. The stock did not give back much price.

The stock consolidated in a bullish pennant in the $503 to $506 range before proceeding higher.

See this chart: GOOG

Like I said previously, this “party” won’t last forever - they never do, but while the stock is moving up, you might as well enjoy the ride to higher prices.

It had to happen. After flirting with the $500 mark a few times last week, the stock price broke through the $500 mark and did so quickly and on high volume. Check the intraday chart to see what I am talking about.

In theory, the sky is the limit. With so many people loving this stock, the stock can only go up … right?

Every so often, I like to throw out this picture: QCOM

I’m not going to have the gloom and doom discussion on this stock yet. We will revisit this idea at a more appropriate time. Until then, this is just a gentle reminder that most good things come to an end.

Getting back to the present, the price at the end of the day should give us an indicator if the stock is ready for a “Santa Claus” type rally.

Alright, no laughing. I have added an audio player to this site for commenting on Google’s stock price. Sometimes I feel like talking and NOT typing. You can find the audio clip at the top of this site.

Now to the price action for GOOG. Today was a large range day to the upside on decent volume with very little price overlap with yesterday. In other words, we had two days of strong upside price action. Don’t be too surprised with a retest of the all time high formed in the last few weeks.

What I find more interesting is that the stock really didn’t give up much ground after peaking at the end of last month. A small percentage drop from the $490 range to the $460 range was all the retracement that occurred.