I remember when Google was at $160… it seems like only last Thanksgiving…
Oh wait, that is when it was!
What an overvalued piece of crap that stock was then (according to analysts).
Then it laid around $200 until April when it exploded almost straight up to $300 where it hung out until October 21st.
Now ordinarily I wouldn’t point this out but I also remember something else. I remeber when someone taking a massive position in a stock would get everyone talking and wondering what was up.
Well, someone did that today with Google, accumulating over 2M shares between 3pm and 3:45 yet nobody mentioned it.
That guy was a real loon I guess.
I know whenever I have $800M laying around and no reason whatsoever to buy a stock I just slap it all on a power buy rather than accumulating. Now, one can argue what’s $5 betwen friends on a $395 stock but I still would have tried to save the $10M by buying a bit slower – unless I thought something was going to happen!
That buyer is not just sitting at home on his computer with no research at all hitting his Schwab account with a market order for 2M shares. That guy needed to buy Google and he needed to buy it before trading ended!
Just a guess but I picked up some $400 calls just in case!
