Google Stock Quote

Just a technical word-of-warning. GOOG stock has had 8 consecutive days of higher lows. Depending on your perspective this is either good or bad news.

Good news because the stock has been strong on the recent breakout to new highs. The stock has had a number of large range days on increasing volume leading up to new highs. That’s good.

The last few days of trading in new price territory has occurred on lower volume. Not surprising given what has transpired.

The bad news, if you consider it, is that the recent rally appears to be running out of steam. When I mention that the last 8 days had occurred with higher lows, that implies that when (not if) the stock makes a lower low, we have to deal with all of the short term traders who have their sell stops just below the recent lows. Also note that today’s price bar is the first daily price bar in seven trading days that has the close less than the open. That is NOT a bullish sign. And to top it off, the stock made a new all time intraday high (i.e. - “turtle soup").

I’m not playing the doom-and-gloom card here, just want you to be aware of the “technicals” which are pointing to a short term top for GOOG.