Monday, November 20, 2006

GOOG and $500 - Not So Fast

True to form, Google got so close on Friday to hitting the $500 mark, but never made it. Past century mark experiences at 400, 300 and 200 have shown that leaping past century marks doesn't necessarily happen as fast the GOOG bulls would like. Today the stock is struggling, but down only about 1% on the day. The five day chart above cautions for a possible filling of last week's gap in the $489 area in the near term.
We briefly jumped into the frenzy surrounding Nabors (NBR), no sooner had we entered in with the purchase of the NBR Dec32-1/2 calls at an average of $1.43 that they flew to $2. At that point a spokesman said takeover speculation was unfounded. We ended up bouncing out at .90. OUCH.

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