Stock Market Viewpoint

Stock Market Viewpoint
Reading the Tea Leaves...

Thursday, October 18, 2012

The Writing Was On the Wall

Stock Market Technical Analysis Blog

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In the markets today GOOG got crushed from a big earnings miss (nevermind the fact that it was released early, an afterhours release would have gotten the same effect).  On September 28th I called out that a major Wall Street firm exited GOOG as a heads up for anyone who was in it.  No major Wall Street firm exists GOOG two weeks ahead of earnings unless they know something.  GOOG is their number two baby behind AAPL.

I got some unhappy emails after calling that out but the fact is over the past two weeks there has been a steady flow of Wall Street exit trades as earnings approached.  We all know that when Wall Street exits its long positions it goes short.  I hope the Sept 28th post saved some of my readers today's grief in GOOG.


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