{"id":11720,"date":"2012-05-22T05:26:39","date_gmt":"2012-05-22T09:26:39","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=11720"},"modified":"2012-05-22T05:26:39","modified_gmt":"2012-05-22T09:26:39","slug":"how-to-play-end-google-nine-lives-around-600","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2012\/05\/22\/how-to-play-end-google-nine-lives-around-600\/","title":{"rendered":"How to Play The End of Google’s “Nine Lives” Around $600"},"content":{"rendered":"

(This is an excerpt from an article I originally published on Seeking Alpha on May 20, 2012. Click here to read the entire piece<\/a>.)<\/strong><\/p>\n

For almost five years, GOOG has not been able to make a clean break from the $600 price level. {snip}<\/p>\n


\n
\"GOOG<\/a>
GOOG has not been able to break away from the $600 level for many years<\/figcaption><\/figure>
\n<\/center><\/p>\n

Each time GOOG peaks just above $600, the subsequent sell-off has ended at higher levels. Technicians might call this pattern a rising wedge<\/a>. In 2010, the sell-off low was $437. In 2011, it was $472, $480, and finally $561. This year, the post-$600 low was $565. Most recently, GOOG has bounced immediately and sharply almost every time it has nicked the magic $600 level. The daily chart shows the predictability and reliability of these bounces. I call these GOOG’s “nine lives” around $600. In just the last 2 1\/2 months, GOOG has tested or crossed the $600 fifteen times from a higher price point.<\/p>\n


\n
\"GOOG's<\/a>
GOOG's interaction with the $600 level is rising in intensity<\/figcaption><\/figure>
\nSource for charts: FreeStockCharts.com<\/a><\/strong>
\n<\/center><\/p>\n

{snip}<\/p>\n

While the recent trading action has demonstrated GOOG’s resilience around $600, I think there are some clues that these “nine lives” are coming to an end soon. I labeled three important plunges this year. {snip}<\/p>\n

While GOOG has predictably bounced from $600, I have actually been mostly focused on the bearish opposite of this predictability…the near certain drop back to $600. {snip}<\/p>\n

Now that these persistent bounces around $600 seem to be coming to an end, the reward potential of the put spread increases. {snip}<\/p>\n

Be careful out there!<\/p>\n

(This is an excerpt from an article I originally published on Seeking Alpha on May 20, 2012. Click here to read the entire piece<\/a>.)<\/strong><\/p>\n

Full disclosure: long GOOG put spread (since printing, I also got long a call)<\/p>\n","protected":false},"excerpt":{"rendered":"

(This is an excerpt from an article I originally published on Seeking Alpha on May 20, 2012. Click here to read the entire piece.) For almost five years, GOOG has not been able to make a clean break from the $600 price level. {snip} Each time GOOG peaks just above $600, the subsequent sell-off has … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[219,599,62],"tags":[231,230,1597],"class_list":["post-11720","post","type-post","status-publish","format-standard","hentry","category-high-tech","category-internet","category-technical-analysis","tag-goog","tag-google","tag-technical-analysis"],"yoast_head":"\nHow to Play The End of Google's "Nine Lives" Around $600 - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2012\/05\/22\/how-to-play-end-google-nine-lives-around-600\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Play The End of Google's "Nine Lives" Around $600 - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"(This is an excerpt from an article I originally published on Seeking Alpha on May 20, 2012. 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