Friday, February 01, 2008
A lot of news this week trying to spur this market in one direction or another. Google being among such news with their 4th quarter earnings miss. The resulting affect being the $48+ loss in stock price. To put it in a little broader perspective, here's a weekly chart of the stock for the entire short life of the company. Todays sell-off brings it nearly into the 38.2% retracement and a 78-week EMA. Also, the stochastic oversold extremes are given for the sake of time cycle perspective. You could say that this "correction"was about due, and compared to the early '06 sell-off the volume on this down cycle was nothing.