Google: Trading On Earnings

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Google: Trading On Earnings

By John Lee on October 17, 2008 | More Posts By John Lee | Author's Website

Playing earnings is a tricky proposition in this market. Google (GOOG) just happened to be my first earnings play this year. I went long GOOG at approx. 3:12PM and 3:46PM at $341.55 and $340.00, respectively.

What was the bottom line? It was that fact that GOOG was getting bid up so far and so fast within the last 15 minutes, it gave some clear guidance to which direction it’ll move next. I also analyzed a 6-month chart and like almost everything else, GOOG formed a double Adam-Adam bottom. In addition, the massive volume was a no-brainer. People were buying this stock like crazy. That’s it! No guessing, no reports to read, no fundamentals, no “hot tips” from friends. Technical analysis told me everything I needed to know.

Disclosure: I am long GOOG

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