Just opened a small position in $GOOG at $280. There is good support near $271, so I see it as a high-reward, low-risk opportunity. Now that the stock has dropped 13% today and nearly 30% since May, GOOG is reasonably valued.
We also added to our initial position in $META, and now have a cost basis of about $630 in that stock. This plan was laid out in a previous article.
Writing up GOOG and META with charts and explanations now, article to follow tomorrow morning.
Ed Ponsi is the managing director of Barchetta Capital Management, an NFA-registered commodity trading advisory, and is also the president of FXEducator. An experienced professional trader, Ponsi has advised a variety of hedge funds and institutional traders. He is a regular contributor to TheStreet Pro and covers a wide range of topics like market sectors and commodities. A self-defined trend follower, Ponsi makes investment decisions based on price and volume.
Ponsi has made over 100 appearances on CNBC, CNN, FBN, BBC, and Bloomberg TV. He has been profiled in magazines such as "Technical Analysis of Stocks and Commodities" and "The Traders Journal." He is the author of several books including "Forex Patterns and Probabilities,” a top-selling book on currency trading that has been translated for release in China; and "The Ed Ponsi Forex Playbook,” which was endorsed by Steve Hanke, professor of applied economics at The Johns Hopkins University.
Fun fact about Ponsi: Prior to his career in finance, he used to be a professional musician (lead guitarist!).
