Dorsey, Wright talks up Google

"Were you aware that Google/GOOG just saw its weekly momentum turn back to positive after having been negative for twelve (12) weeks? This ever-popular stock is a member of the still favored Internet sector. To boot, the INET sector has the best field position, with respect to its sector bullish percent, of all favored groups. For those more aggressive in nature, this could well present a trading opportunity."


"Google/GOOG ($308.510) is a member of the favored Internet sector. This is a sector that not only is favored, but also has still very attractive field position with respect to its sector bullish percent chart. GOOG itself is a 5 for 5'er, thereby being in an overall uptrend with excellent relative strength (RS), both near term and longer term. The stock had recently pulled back to 298, but then (on its 2-point chart) has reversed up to make a higher bottom. It will test old highs at 314-316, but above that level there is no resistance. While the top of the trading band is 324, the longer term price objective is 396. GOOG has just seen its weekly momentum turn back to positive after having been negative for 12 weeks. This suggests the stock is ready to resume its strong uptrend after working back and forth for a few months. For those more aggressive in nature who are looking for tech/internet exposure, you can consider trading GOOG here (306-310 range). We will use 296 as the initial stop loss point as that would break a double bottom bottom on the 2 point chart."


You likely now breathe a heavy sigh of relief, DW, as you place your clients (and yourself) finally on the right side of this trade -- even though your "longer term price objective of $396" is deficient of GOOG's final high by a wide margin. Of course, you buy the shares for a trade (as you note) rather than as an investment. Nonetheless, welcome aboard the express train -- there are plenty of seats available!