Searching For a Trend

Did aerospace stocks rise yesterday after a near miss of an airline disaster!? While I‚’m scratching my head over that one, I'll catch you guys up on my thoughts of GOOG.

In a previous post I talked about the possibility of shorting GOOG and I wish I could say to jump in, but sadly I still can not recommend it. Although I really want to since the technicals are screaming SHORT!!!

• 4 strong resistance lines, the downward peaks resistance, the upward lows resistance (not shown), the 50DMA, and the 200DMA
• The 50DMA is crossing the 200DMA, this type of sell signal is doubly bad, since the first crossover for a company usually follows through.
  

That being said, the problem is that Google keeps making deals with other companies and it's making the future earnings hard to evaluate. How much upside will they gain from their partnership with myspace.com? Could be more then we expect. Not only that, but the S&P (one of the only ratings systems I respect) recently upgraded GOOG from 3 stars to 4.

I’m going to hold off on this one as it nears a support at 365. If it breaks through, I may reconsider, but then again at that point it may be too late to join in.

Still no major trends showing in the market so if you're waiting to get into something, best stay defensive. As always I will update you guys on Sunday night,

Have fun this weekend!

BTW, this is a pic of a lounge inside the Googolplex (their corporate office)... What a place to work!