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Two Ways: Goldman Gives Google a Boost

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Strengthen your portfolio in good times and bad.

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Goldman ups Google

Goldman Sachs has added Google (GOOG) to its conviction Buy List this morning. According to Reuters, Goldman analysts said revenue growth for the Internet search giant will re-accelerate to the high teens or better over the next four quarters. A pickup in online travel bookings and e-commerce activity should spill over to more advertising on search sites and thus for market leader Google, the analysts said. They rated the stock a "Buy" and slapped on a 6-month price target of $560, up from its previous target of $510.

With options expiration coming up tomorrow, see Professor Adam Warner's Where to Strike Google to Hit the Most Pins.

From the Bull Pen: Those playing Google can set a sell stop below yesterday's low. Also for consideration in the short term, see how the stock behaves at gapfill at $460. Further, for ETF lovers out there, the tech ETF (XLK) seems to have carved out nice support near $19.20. Those bullish can set a sell stop below that level.

From the Bear Cave: If you think there's more correction to come, consider hedging your portfolio with a small position in the Ultrashort Q's (QID). But remember that these are terrible long term vehicles. A sell stop can be set below $26.

Quick Check Around the World

Asian trading closed with the Nikkei +1.76%, India +1.37%, Hang Seng +1.88%, Shanghai +4.30%, and Taiwan -0.82%.

Across the pond, we see the FTSE +1.27%, CAC +1.33%, DAX +1.26%

As of 8:10 AM EST, S&P Futures are trading +4.75 to 1002.00 and Nasdaq futures are +2.50 to 1601.25.

A Look at Commodities

Over in commodities, crude oil is trading -0.32 to 72.10 while gold is -0.20 at 944.60 this morning. Silver is +0.135 to 14.01 and copper +2.200 to 278.25.

The dollar index is +0.0650 to 78.6100.

On the Radar

Economics

08:30 Initial Jobless Claims
10:00 Leading Indicators 0.6% (cons)
10:00 Philadelphia Fed -2.0 (cons)

Click here for the full trading radar.

Happy Thirsty Thursday! Hope to see you all at Happy Hour! Good luck!

Goldman Sachs CEO Lloyd Blankfein recently told employees not to flaunt their bonuses. Join Hoofy & Boo for exclusive footage of that exchange:

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No positions in stocks mentioned.

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