Google

Here is a daily bar chart of Google. I commented on GOOG Friday.

I think the price action Friday and so far today in GOOG is extremely bullish. Here is why.

There have been several postitive earnings surprises in GOOG since its IPO in 2004. After each of these surprises the stock price gapped up and then reacted substantially. This is the first time I have seen GOOG gap upwards after a postitive surprise, close strong that day, and then move substantially higher the next (GOOG made new historical highs this morning.)

This departure from the norm is very bullish. I think it means that the 507 target is too conservative. The next fibonacci target is 564 which is 233 points above the March'06 low at 331 as well as 89 points above the previous high at 475. I think GOOG will reach this latter target before it reacts as much as 100 points.

( Here is the first post I ever made on GOOG.)