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Google the company is humming right along while Google the stock continues to
struggle. The only reason why I decided to report on GOOG is that the stock
posted a clear short-term sell/short signal Thursday. I post the chart below.
The stock sprinted intra-day right for the closing low on the day after the
last earnings report. The stock quickly sold off - pulled right back to the
50DMA and the middle Bollinger Band. These lines of resistance/support just
happened to be converging on 2006's (January) high of $475.11. The
candlestick chart now shows the potential for a shooting
star pattern just as the stochastics are starting to turn downward. But
before we get too dramatic, note that Google remains well within its wide
trading range that has lasted since October, 2006.
I am also taking the opportunity to update the table that summarizes GOOG's
price action between earnings. You can see that the last cycle was quite
unusual as far as the typical pattern goes. The minimum price point came at
its latest point ever after earnings. There have only been two other earnings
cycles that matched the last one in terms of minimum price before the next
earnings date and maximum price before the next earnings date.
