Google At $500 - Again
I hate this game. Someone has some “favorable” comments about a particular stock - Google, in this case - and the price runs up.
I’m all for making money on this stock and yes I have a long position, but come on, do we really need to encourage higher prices by way of “positive Wall Street commentary". And do you really need to reiterate a buy rating? I don’t think so.
Instead, we have a stock hovering just below an obvious support/resistance price, $500. The stock gapped up this morning with all the encouragement and now is hovering around that magical half millenium number. A close above the $500 mark might just get the bulls all excited while staying below $500 is almost a perfect setup for the gap getting filled.
Those are my thoughts based on observation. Don’t believe anyone, including yours truly.
