Thursday, May 16, 2013

Forget Apple. Google’s Going to $1,000

According to Yahoo it’s official: Google has replaced Apple as America’s favorite stock. Shares of the internet giant have crossed the $900 per share threshold. The online giant is up nearly 28% year-to-date.
This comes as Google announces today that it will launch its own online music-streaming service in an effort compete with Spotify, the Swedish music upstart that has over 20 million users. According to reports, the company has inked deals with music major labels such as Sony, Warner, and Universal in anticipation of the launch.
“I think we’re in the final stages of a speculative blow-off top,” says Richard Ross, Global Technical Strategist with Auerbach Grayson and Talking Numbers contributor. Looking at a long-term chart, Ross sees a well-defined upwards trend line beginning in the middle of 2012. Every time the stock touched the trend line, it has moved higher afterwards. “I think we have another 10% to 12%. That gets us comfortably to that $1,000 level,” says Ross…..

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