Google "Patience" — This is what you’ll see.
Discussed in this article: Google Inc ( $GOOG )
Let’s look at Google ( NASDAQ:GOOG ). Let’s just say their earnings were awesome. How do we know that their earnings were awesome? Because the stock closed up 4 percent. It was interesting to see this thing gyrate around after the market announced earnings post closing bell on Thursday. Some people got rich, others lost their butt; it just kind of depends on when you were looking at this thing.
So this stock really gyrated around, but this is was a big power move on Friday. You might say, “I can’t really buy this stock up, its $45.00.” Think of it this way, move the decimal point over two places, it’s at $11.80; real support is down at $11.00. So it’s really not that extended. Also, if you just look at the weekly chart it’s definitely up in the winner’s circle, upper right hand corner, but I think this stock just continues to move higher. Do you know why I can say that? Because it’s showing us no signs of stopping. This is one of those things that you think like, “Oh my gosh, I bought it here at 760.00, got out of it at 650.00 because I thought it was going lower, never looked at it again and here it’s almost a double.
So what I would suggest doing on Google ( NASDAQ:GOOG ), if you’re long just hang on, go trade something else, but hold this; seriously, just buy the stock, hold it, and then if you’ve got the itchy trigger finger and you just have to trade something, just don’t trade Google ( NASDAQ:GOOG ), trade something else. Just hang on to Google ( NASDAQ:GOOG ) and by the way, you’re probably going to see some resistance a 1200.00, but if this thing sells off, and again you’ve got to be a longer term holder given what I’m saying here.
If this stock happens to pull back, if it pulls back here to the lower part of the channel, closer to the 50-day moving average, that’s where you want to be, that’s where you really want to be in. But this is one, seriously, like Google ( NASDAQ:GOOG ), patience, and you will see on my strategy for this stock. Just buy it, hang onto it, forget about it, and then go trade something else.