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Looks to be a good place to pick up some cheap shares here before economy turns back up.

At $440.00 each you have an interesting concept of cheap shares But I suppose you are referring to them in relative terms to their previous price levels

Sure the shares now are at almost 1/2 their value they were 8 months ago, but that was after the hoopla of entering the market. The markets have changed, perhaps the shares will regain their lofty heights of that time but I am not sure the bottom has been reached and there certainly isn't any sign of a turnaround yet.

Here is the Sharpchart : GOOG - SharpCharts from StockCharts.com

There is not a lot of good to talk about in this chart. Sure there has been a recent uptick in price but that is just a response to the horrendous fall a month ago. There has to be a lot more work to do before any turnaround can be seen.

The gap between the 50dayMA and 200dayMA is widening, the RSI has crawled out of the gutter but still is only about 40%, the TRIX is negative and the Accum/Dist is still far below its 20dayMA.

The Bollinger bands are wide apart so there is no share price jump in the offing and the bands are negative.

Here is the P&F chart



Well we bounced off of the last support level at $415.00 break this and we head into unknown territory. The stock would be a far cheaper play if that happened

The resistance line is a lot higher at $465.00 which is about where the 20dayMA is currently. Were we to break that there are a lot more hurdles to pass...like the 50dayMA at $480.00 and after that $505.00...frankly this would be an amazing turnaround if all that happened this year....after all we are not exactly in good times, are we?

Here is the 5 day Linechart from Yahoo



As you can see the price has leveled out with perhaps another minor uptick again but I doubt it will last.

At best we will see a lot of sideways movement perhaps positive slope to $465.00 resistance where it will fall back. More probably we will see sideways movement in a negative direction that will eventually challenge the $415.00 support.

Stick around...be patient, those share will get a lot cheaper as time goes on in my opinion.

Here is the SharpChart: GOOG - SharpCharts from StockCharts.com

Nothing much changed from my last post. We did in fact reach $415 a little earlier than I expected and the support level held. The BB's are tightening a little but not critical by a long shot.

Of course the bailout announcement had an effect to spike the share price up....yea!!!! the fall is over!!!! NOT!!!

As you can see from the 5 day linechart from yahoo below....the trend is once more a negative drift as I predicted.

The P&F chart shows what looks like a Bull Trap. This is where a stock looks like it is breaking bullish when in fact it turns bearish...a false alarm. Announcements like that bailout have to be ignored when interpreting charts IMHO.

So....barring another "magic bullet" announcement...this stock will probably continue as I said before.....negative drift which will test the $415 support level again {sigh}

Well we headed into uncharted territory here is the sharpchart GOOG - SharpCharts from StockCharts.com

The BB's tightened a bit but not a great change...they look to be closing again and we are on the wrong side of the 20dayMA...no improvement in the overall look of the chart...it still is bearish

Here is the P&F chart



We have an uptick today, of course, but that former support level at $415 has now become the resistance level and at the time of writing we are stalled there....this is a pretty strong resistance now and it will be hard to overcome in the short term.

$385 is the new support....by default really since this is uncharted.

The 5 day Yahoo line chart



Shows the share price running out of momentum as it hits $415...I see it testing but falling back...It will be a while before this line breaks IMHO.

Wow!!! I did not see that coming.

The bottom fell out of this stock for some reason. $415.00 is still the resistance level to pass...but where the bottom is...I have no idea.

After this plummet I would expect a rebound...but again...Who knows???
I think there is more downside to this...the financial condition has not been resolved. Interesting to watch....