We wanted to update readers on our December 2012 Buy call on Google
On December 3
, we suggested starting a position around the $698 level as we got a Buy rating in the name. Then on December 20
, we went to a Strong Buy around the $719/$720 level. Surprisingly, as the stock breaches $800 and is up not over 10%, it's not even at the Approaching Overbought level.
For those who are not familiar with our platform, we quantitatively use statistical price series to grade all securities. We break down the strength of each security with a generic rating system: 1 (Strong Sell), 2 (Sell), 3 (Hold), 4 (Buy), 5 (Strong Buy). On a granular level, our algorithm is even more complex, and not all Strong Buys (or 5 ratings) are rated equally. Our platform suggests reducing 50% at Approaching Overbought levels and 100% at Overbought levels.
At this juncture, we will remain long until Google hits Approaching Overbought or Overbought.
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To learn more about ChartLabPro's algorithm visit www.chartlabpro.com.
No positions in stocks mentioned.
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