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ChartWatch: GOOG Did It. Is $1,000 Next?

By Wyatt Investment Research,  October 03, 2012, 05:44:01 PM EDT

For months, I've turned on spotlights, pounded the table and beat the drum, attempting to make Google ( GOOG ) shares stand out.

Admittedly, I likely wasn't much of a direct influence on the stock. However, anyone that heeded my advice to pick up GOOG near this support area , before this big move or prior to this breakout made a fortune in September.

Next stop, $1,000?

Google is a great company. In fact, it's one of my favorites and I hold a large portion of my retirement in GOOG.

Analysts like it too. Of the 42 analysts covering the stock, 35 have issued "buy" ratings. The highest price target increased to $910.

Despite the big move in September, the shares are still cheap. The 2013 EPS estimate is $49.23, resulting in a P/E of 15.

Though Google is a great company and its stock is cheap, I'd like to see the shares retreat a bit before buying it again.

In fact, I advised readers of my premiere Top Stock Insights investment service to sell GOOG last month.

My advice came a bit early because the stock ran another $55 higher. However, the feud with Apple ( AAPL ) and less-than-stellar price history during earnings season were enough reason to lock in a 32.5% gain and wait for the shares to move lower.

This was the second 30%-plus gain readers recorded. The first came in a six-month span during 2010.

Though Google may move higher in the near term, we're going to sit back and wait for a pullback below $700. Eventually, GOOG should hit $1,000.


http://stockcharts.com/c-sc/sc?s=GOOG&p=W&yr=5&mn=6&dy=0&i=p34888502707&a=278803192&r=1349295871013  This chart shows the price of GOOG shares along with two profitable transactions taken by Top Stock Insights subscribers.



 
Equities mentioned in this article: GOOG, AAPL




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: AAPL, GOOG



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