Friday, February 22, 2013

Quick GOOG Update

You know I started a short equity position in GOOG, the intraday charts out to about 5 mins suggest GOOG moves up in the very near term, likely with the market indications we have, the longer term, more important charts are negative, basically I DO NOT want to chance GOOG long her, but I do want to wait for some upside in price and short in to that strength, again we'll wait for the short term chart to turn, but...

The daily chart shows why I want to short strength here...
There was no significant accumulation in to the November lows to feed this last leg up, the leading negative divergence right now is lower than the last divergence around Sept.October even though price is higher, it looks like they have been handing off shares to retail in GOOG and preparing for a move to the downside.

This is also why I would not chance even a short term long in GOOG, I think it moves up, but I'm not willing to bet against these long term probabilities, long term meaning the biggest, strongest charts.

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