There was a time when I would see a stock like Google ($GOOG) report a beautiful number with accelerating revenue growth, and I would say "buy tech." Those days, sadly, are over. There's just not enough dedicated tech money around and not enough people left doing extrapolation, particularly because tech has become so zero sum. You want to buy Yahoo! ($YHOO) off of Google, knowing that Google is killing Yahoo!? You want to buy LinkedIn ($LNKD) off of Google, knowing that it is much more expensive than Google already?
You can't buy Apple ($AAPL) or Amazon ($AMZN) off it. They are all converged enemies. The only way to profit from Google is to buy Google, and I am not a buyer of stocks up 60 points.
Plus, we know that tomorrow could be a day when Eric Cantor throws a hissy fit and you end up with Google closing up 30 instead of 60, leaving us all to ponder the simple notion that the time to buy Google was before the close, and that time has come and gone.
So, as much as I think that Google has really done an amazing job and as much as I love genuine ARG -- accelerating revenue growth -- I just think that, as is often the case with this market, the trade's been had.
There's nothing more to be done.
Good little overview mate, really enjoyed it
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