Nope. Fund Managers are in the driver's seat, and they are sophisticated to know that PEG not pps is what matters.
Go With the Crowd on Google By Dan Fitzpatrick RealMoney.com Contributor 11/24/2006 10:42 AM EST
Several money managers I know are light stock and heavy cash. Virtually all are waiting for "the" pullback to put that cash to work. The problem is that there's no universally accepted definition of pullback. Each potential buyer converts to an active buyer at different times and price levels. As long as that dynamic exists, the Wall of Worry is steep and without many solid hand holds.
I believe the market's current strength is a byproduct of underperformance by a lot of money managers. If I'm correct, then the plethora of reasons spewed by market pundits for the current strength of the market is just noise. It's not the economy, stupid. I believe that instead, the market is being jacked up by money managers who are chasing beta, buying the stocks that will gain ground on the S&P 500 in a strong market.
The last time we looked at Google, the stock was just moving out of the symmetrical triangle drawn on this weekly chart. So far, the upside resolution is moving "according to Hoyle"; that is, by the rulebook.
I'd just hang on and pay less attention to the news and more attention to the price action. This stock has such a high profile that not much in the way of fundamental developments will get past the crowd. So rather than fret too much about all the growling and snorting, just follow the crowd. But don't neglect to protect your profits with a fairly loose trailing stop.
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