The Sky Is Falling, The Sky Is Falling!
Yes, Google stock broke down today - sorry for the dramatics.
I guess the stock is not making a run to $600 in the very near future. Today was a classic bearish day. The stock set up with a gap up and the high for the day was set in the first five minutes. The stock hovered at the $479 range until a little after 10AM. The 5 minute bar at 10:20 was a large range down bar on high volume.
GOOG continued slightly lower then stayed in a relatively narrow range until the late afternoon crowd decided to get serious about selling.
At 2:40, the stock took another swing lower on high volume, down almost $4 in 5 minutes. Volume remained significantly higher than normal for the remainer of the afternoon.
The 5 minute intraday chart shows what I just described, see for yourself: GOOG 5-minute chart
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