Alphabet shares were unmoved by President Donald Trump’s latest attack the Alphabet Inc. (NASDAQ:GOOG) parent Tuesday after his accused the company of “very illegal” activity during the 2016 Presidential election
Alphabet shares were unmoved by President Donald Trump’s latest attack the Google parent Tuesday after his accused the company of “very illegal” activity during the 2016 Presidential election.
Trump cited an interview late Monday on Fox News with Kevin Cernekee, a former Google engineer who was fired for mis-using company equipment and has accused the company of suppressing his conservative political beliefs, as well as those of his colleagues.
@sundarpichai of Google was in the Oval Office working very hard to explain how much he liked me, what a great job the Administration is doing, that Google was not involved with China’s military, that they didn’t help Crooked Hillary over me in the 2016 Election, and that they…— Donald J. Trump (@realDonaldTrump) August 6, 2019“Lou Dobbs stated that this is a fraud on the American public,” Trump said Tuesday. “Peter Schweizer stated with certainty that they suppressed negative stories on Hillary Clinton, and boosted negative stories on Donald Trump. All very illegal. We are watching Google very closely!” Google shares were marked 1.4% higher Tuesday, nearly twice the gain of the Nasdaq Composite index, and changing hands at $1,171.19 each by late morning, a move that extends the stock’s six-month gain to around 4%. “They made every excuse in the book to avoid taking down something that made Donald Trump look bad,” Cernekk told Fox’s Tucker Carlson. “And I saw a number of other incidents just like that.
“They thought Trump should have lost in 2016,” Cernekee said. “They really want Trump to lose in 2020. That’s their agenda.” A Google spokesperson told TheStreet Tuesday that the statements made by “this disgruntled former employee are absolutely false.” “We go to great lengths to build our products and enforce our policies in ways that don’t take political leanings into account,” the spokesperson said. “Distorting results for political purposes would harm our business and go against our mission of providing helpful content to all of our users.” Last month, Trump said he would “take a look” at Google’s practices with respect to China and other foreign governments after Billionaire tech investor and Facebook board member Peter Thiel singled out the company Google in a speech to the National Conservatism conference. Shortly after, however, Google shares had their best day in four years after it posted stronger-than-expected second quarter earnings last night as gains from YouTube ads and its burgeoning cloud business supported topline growth.
Google said earnings for the three months ending in June came in at $14.21 per share, up 21% from the same period last year and well ahead of the Street consensus forecast of $11.30 per share, Group revenues also surprised to the upside, following the group’s first quarter disappointment, rising 19% to $38.9 billion and topped analysts’ estimates of a $38.15 billion tally.
Google also said its costs were largely unchanged from the same period last year — at around $29.8 billion — even as its operating margin improved by 6% from the previous quarter to around 24%, a firmer-than-expected reading that suggests continued profitability. Google’s cloud business, while only around a quarter of the size of Amazon Inc.’s AMZN, had an annual revenue run-rate of $8 billion.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 1,149.21.
The projected upper bound is: 1,239.30.
The projected lower bound is: 1,102.06.
The projected closing price is: 1,170.68.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 25 white candles and 25 black candles.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 19.0345. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 4 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 52.02. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 5 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -14. This is not a topping or bottoming area. The last signal was a sell 4 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 0 period(s) ago.
Rex Takasugi – TD Profile
ALPHABET INC C closed up 17.630 at 1,169.950. Volume was 12% above average (neutral) and Bollinger Bands were 27% wider than normal.
Open High Low Close Volume___
Short Term: Oversold
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 1,192.68 1,123.31 1,119.21
Volatility: 66 38 36
Volume: 2,165,853 1,601,302 1,646,252
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
ALPHABET INC C is currently 4.5% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect volume flowing into and out of GOOG.O at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on GOOG.O and have had this outlook for the last 32 periods.
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