Google

Google doesn't look like it will save the day this time around. With all the hype buying of the techs I think most optimistic investors will be left holding the bag once again on these stocks.
Someone ask why I am so bearish and the answer is yes and no. Yes in the big picture I think this market is vastly overvalued, I think the S&P has a target down to 570 and the DOW about 4700, when it touches those levels I will think about buying without keeping on eye on my holdings everday. No I am a trader and becasue of this don't think I dont get long in this environment. I often have gotten long intraday during the last month but I don't trust overnight to hold them or post those trades on the blog. This is a traders market and if you aren't swift you will make any money. For example this evening when Google reported earnings the stock was up some $30 and in 2 hours it was down, just think about it, You are an investors and bought Google thinking earnings were good today and what did you get a bump after hours then $30 fizzled away so now you back to even. Tomorrow who know where GOOGLE goes but I am telling you this GOOGLE will see $250 this year after the reality hits that earnings aren't recovering at the pace most think they will.
Next week should be interested and I feel like we will dive into the end of month when their is no earnings to keep us up. The trading is choppy and if you notice the volume is very light and manipulated towards the closing hours of the day when the big guys try to push up the futures. We are moving higher on lower earnings, lower volume, high unemployment and the constant news out of Washington. This is not a investible environment but we will play it as it comes.


Bye Bye GOOGLE,
Nice knowing you see you at $165 when the bear market ends.