GOOG

Yesterday I posted about GOOG and a quick lesson about stops, I was contemplating another chapter devoted to buy limit orders which were set off after the second GOOG post, as you might imagine, the went off on volume at another whole number, $581.

The close above $581 yesterday caused retail traders to send in their orders which caused GOOG to gap up this a.m.,  already the entire gap has been filled and we are back in the $581 area. There was a brief dip below $581, again the volume picked up because once again retail traders are making the mistake as yesterday, putting stops at obvious support, not recognizing support is an area, not an exact number and at a placing stops at a whole number. What happens next? I think most likely a bounce off support now that they've grabbed some shares on the cheap again this morning, but that's short term thinking. GOOG is worth watching for two reasons, I for lessons about the market by way of example and 2 for a possible trade.

Anyone needing real time charting can go to www.FreeStockCharts.com

I just updated the chart since while I was writing it began a bounce.