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I get long on GOOGle about once for every five times I get short. It’s been one of my favorite shorts up there with my favorite nemesis AAPL (although I do occasionally go long Google, at least!). Probably a bias because the biggest gain I ever made in one trade was shorting Google. So am I committing blasphemy by pointing out how strong the chart looks here? Or am I being a little more objective than in the past? I dunno. For now, just keep the straight jacket close by.

Chances are, if there were huge amounts of selling waiting to come in after the new high on 6/25/07 at about 535.00, that selling would have come in with a vengeance after the drop back below the former high, set on 6/7/07 at 526.50. That hasn’t happened. In other words, a Turtle Soup or Turtle Soup Plus One trade (both of which trade the failure of a previous high or low) would have been exited by now for lack of follow-through. A failure of the failure to fail. Get it?

What we’ve had has been a nice little pullback to support, then the support holding as volume bleeds off. If price rises back through 530 and the topless siren of stock trades beckons me to get long (so to speak), I believe I’d be inclined to acquiesce (with my “protection” of course- an initial stop below the near-term low of 519.56).

Oh, and lest anyone ask, “What, a stop over ten dollars wide?”, yes, absolutely, on a $530 stock. I’d certainly consider a $1.05 stop on a $53 stock nice and tight, no?