By Andrew Nyquist
Yesterday I posted that Google’s thrashing offered a very short term trade opportunity and that I had taken a position in Google (GOOG) and would add more between 615-620. Well, with the morning pop into the 630’s I had no choice but to take the gains and peal off my initial position.
However, with the subsequent sell-off below 620, I have re-engaged. Note that the 50 percent fibonacci retracement of the recent move from 560-670 is roughly 615. See updated chart below.
———————————————————
Your comments and emails are welcome. Readers can contact me directly at andrew@seeitmarket.com or follow me on Twitter on @andrewnyquist. For current news and updates, be sure to “Like” See It Market on Facebook. Thank you.
Position in GOOG at time of publication.
Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of his employer or any other person or entity.
