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ClayTrader

05/06/08 10:40 AM

#17041 RE: jabberstox #17040

The "story" I got from the GOOG chart was people were very unsure about what GOOG's earnings would look like, and many were betting against the company... this was very evident in the obvious downtrend GOOG was experiencing....

The people that looked at the chart and concluded, "GOOG is a bad company" don't understand how to read charts IMO...

Being the market is forward looking, the chart told me that people weren't confident in the company, when it was shown that the company was doing just fine, the chart quickly told the story of people "getting burned" by speculating GOOG wasn't doing so well...

If EESO "story" is true, then no doubt the chart will take care of itself, but at this point in time, the chart is just fluttering around, which tells me the "story" is people are unsure what to think and waiting to see something "solid" before throwing more money into it....