Ridin’ the MoMo train…
GOOG is one of the 5 stocks that I keep on my watch list. News announcements from the company makes for AMAZING trading.
Back in February, GOOG’s CFO George Reyes decided to announce that the co.’s earnings growth may not be sustainable. This led the price to drop almost 60 points in less than 10 minutes. This created a huge imbalance and put major pressure on GOOG bulls, so a countermove was close at hand.
One of the tenets of trading that I follow comes from the Oracle of Omaha- “We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.” I watched for the panic selling to subside and for my stochastic indicators to start turning up. Once things started moving up, I simply jumped in and caught 18 points in the next 3 minutes. My best trading day so far.
DW