Goog Update

GOOG is what I'd consider a potential core position, but I'd be active in managing it, meaning I think at some point it will have choppy lateral and counter trend moves.

The Trend Channel for it's most recent run broke, GOOG just happened to catch the market's Feb 7th short squeeze coming out of the head fake move.

 Here's the break in the Trend Channel and just after was the market's short squeeze rally. I still consider the back of the previous trend to be broken.

This was this morning's semi-parabolic move that was seen in several of the momentum names, the intraday 1 min is CLEARLY negative in to the move which is why I posted I didn't trust the move among other reasons such as it being parabolic and the overall market environment, I like to use moves such as these for building a position, entering shorts or puts.

 GOOG's 2 min chart shows the accumulation over about a day and a half that moved it higher and the distribution in to that move.

Longer term though GOOG has been seeing distribution so that's the direction of highest probabilities, making moves like this morning's, very useful in entering at the best price with lower risk. This is a leading negative divegrence on a 15 min chart.

I could show you the 30 min too, but we'll just skip right to the 60 min which was in line  for a bit (although in the much larger picture it is still in a long term leading negative position) and heavy distribution in to higher prices and just as important, in to demand.

Thus GOOG is on the core short list, I just think it will need more active management than some others.