Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Moominoid who wrote (67813)	8/19/2005 4:28:59 AM
From: shades	Read Replies (1) of 74559

Tradermike - the guy that started this board MOO - look what this fool is doing!! tradermike.net I'm Finally Going to Buy GOOG! August 18, 2005 I shocked the hell out of Duru when I sent him an SMS earlier this evening telling him that I was going to buy some Google in my IRA tomorrow. His immediate response to me was "but it's below the 50-day moving average!" -- as if that technical mumbo jumbo means anything to me! ;-) But seriously, my reason for wanting to own some GOOG aren't based on the technicals. I've been seriously impressed by Google's business model ever since I signed up for AdSense two years ago. I still don't know what I was smoking that caused me to not pull the trigger back when I saw the stock bounce off of 100 and then again when it made that first all-time high back in the 110s. So, yes, this is more of a fundamental play than a technical one. I'll still have a stop loss in place and although the technical picture isn't pretty right now I'm not overly concerned. (famous last words! -gulp- ) Having said that, there are some TA points that I can use to rationalize but purchase. Today the stock bounced off of the support around $275. The long-term MMAs are still bullish and the stock closed just a hair under the slowest of the moving averages (60 EMA). It also bounced off of its lower Bollinger Band, which appears to be turning higher. And finally, the stock is still above its 200-day moving average, which is the time-frame that I'm concerned about in my IRA. P.S. Cramer's $630 and $800 valuations on Google tonight on Mad Money had nothing to do with my decision to jump in now. Nor does it have anything to do with this Wall Street Journal article -- Google as -- Get This -- Value Play! - Despite the IPO's Skyrocket, Some See Further Potential In Company's Business Model Posted by Michael at 11:55 PM to Stock Market \| Comments (1) \| TrackBack (0)

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