{"id":743,"date":"2009-12-22T16:53:45","date_gmt":"2009-12-22T21:53:45","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=743"},"modified":"2009-12-22T16:53:45","modified_gmt":"2009-12-22T21:53:45","slug":"goog-closes-above-600","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2009\/12\/22\/goog-closes-above-600\/","title":{"rendered":"Google Hits the Target and Closes Above $600"},"content":{"rendered":"

Today, Google (GOOG) closed above $600 for the first time since January, 2008. This milestone places the stock right at the minimum price target I estimated for the GOOG post-earnings trade<\/a>. With a month remaining before January options expiration and the stock market stuck on “cruise control” for now, I believe I have much more than a 50\/50 chance of closing out the January 600\/610 call spread at or near full value: GOOG needs to gain another 1.5% to close above $610. The current return on the spread is about 43% which represents excellent leverage compared to the 4.7% gain in the stock since I initiated this latest post-earnings trade.<\/p>\n

The chart below shows that GOOG’s stock remains very bullish. Price trend remains firmly up. On-balance volume (OBV) is still trending upward and is at its highest level for this rally. Trading volume has even increased a bit in the last three trading days. Pullbacks throughout this rally have been very mild: GOOG tagged the 50-day moving average (DMA) just once (in July) and all other pullbacks have found support at the 20DMA (currently around $590).<\/p>\n


\n
\"GOOG
GOOG remains in a strong uptrend<\/figcaption><\/figure>
\n*Chart created using TeleChart:<\/strong> <\/a>
\n<\/center><\/p>\n

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

Full disclosure: long GOOG call spread<\/p>\n","protected":false},"excerpt":{"rendered":"

Today, Google (GOOG) closed above $600 for the first time since January, 2008. This milestone places the stock right at the minimum price target I estimated for the GOOG post-earnings trade. With a month remaining before January options expiration and the stock market stuck on “cruise control” for now, I believe I have much more … 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":[220,62],"tags":[231,230],"class_list":["post-743","post","type-post","status-publish","format-standard","hentry","category-earnings","category-technical-analysis","tag-goog","tag-google"],"yoast_head":"\nGoogle Hits the Target and Closes Above $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\/2009\/12\/22\/goog-closes-above-600\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Google Hits the Target and Closes Above $600 - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"Today, Google (GOOG) closed above $600 for the first time since January, 2008. 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