GOOG

GOOG has a lot of momentum obvoiusly, the 161.8 extension might work better here.

11:09 AM

Update

I haven’t really had to update because nothing has changed since my last chart post.  GOOG is approaching the 1.382 extension as predicted last month (see Jan. 19th post), and the NDX-100 has a chance at hitting new bear market rally highs, also as anticipated.  If GOOG reaches the ~$360 targeted area, I will re-evaluate.  I think it will be a good spot to sell off from, or at least take a breather if more is left to the upside.  Any longs should find a timely place to take profits, or trail a stop, as you would have about a 15% gain on the stock from the Jan. 19 post, the 320 calls have tripled.  The AAII poll remains resolutely bearish, people are still yanking money from mutual funds, and the put/call ratio for equities remains high.  I will post some more individual equity ideas this week … Happy trading, I hope some of you caught that long on GOOG.

8:18 PM