Thursday, 18 October 2012

GOOG - click click...BOOM!

Google (GOOG) created some moderate chaos today, with an earnings filing being released early. The leak (whether accidental or not) saw the stock implode across a few minutes by around 12% from the morning high of $759. GOOG closed -8% @ $695


GOOG, daily


Summary

First soft support is the March peak of $660..and then the 200 day MA @ $632. It would be somewhat surprising if GOOG breaks much below 650 in the coming weeks - baring the major indexes taking out the important low of sp'1397.

GOOG remains a strong company, but today's earnings miss, the premature press release, and the huge volume/price action will be remembered for some considerable time to come.