Google Ready to Go to $700

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.