You may have read by now that Google Inc.(Public, NASDAQ:GOOG) tanked almost 6.5% after reporting its earnings. After hour trading was 527.4. Above a daily chart of GOOG. Look for support in the region of 520, 510, 500. Looking back, since GOOG broke the triangle formation to the downside on 4 Jan this year, it never recovered. Technically, this is a very weak chart. The last time, it found support at 200 SMA (back in Aug'07). It has now cut through 200 SMA, retested it yesterday and now with this gap down, it looks like a point of no return
On a side note, I did not trade most of the stocks in my watchlist, either because they didn't confirm technically or risk/reward did not work out to be favourable ( I require reward to be at least twice of risk.) Weak sectors such as retailers, financials and housing are now behaving very strong. I will continue to watch this group closely. I did dip my toe in XLF Puts prior the FED meeting, but was stopped out even before the meeting. I was glad I placed a tight stop, because given the trading environment these days, at the back of my mind was like "if it works, it should show right away, if it didn't, it should also show right away".