Google (NASDAQ:GOOG) — In the Dec. 7 Trade of the Day I said, �The world�s largest Internet company may see an increase in revenues in 2012, but a decrease in net profits is likely due to costs from recent acquisitions and a slowing world economy.
�On the long-term weekly charts, GOOG has been in a rectangle for over four years without a successful breakout� holders should take protective steps to limit losses by selling calls or buying puts on the stock.�
I must now cancel that recommendation since GOOG has finally broken from a dramatic �W� formation with a target of $700. Cover all shorts and bearish positions and buy GOOG.
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