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techcharter

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techcharter

Re: BlissBull post# 12011

Sunday, 05/29/2005 12:23:00 PM

Sunday, May 29, 2005 12:23:00 PM

Post# of 51804
GOOG: Parabolic Blowoff Top.

It's too dangerous to try to trade GOOG as it is in parabolic mode. I think there is still some more upside to go, but not enough long term price data do determine how high the spike will go. EBAY, another dotcom, is not confirming GOOG's breakout rally. In fact EBAHY dropped nearly 50% from highs in Late Dec '04/ Jan '05.

The best strategy would be to exit long positions. Wait for prices to fall back to the $200 level to confirm the top. Then enter a short after a 38% retracement of the first selling wave.
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