Google missed earnings estimates by a couple of cents, but that was enough to send the shares below its 200-day simple moving average for the first time since last September.
This is the third major report to receive a negative reaction. The bounce we had today was an improvement over some of the recent action, but it was not vigorous. Perhaps option expiration is holding us back? My theory is that we could be stuck around SPY $131 (area of the most open option interest) by option expiration. There are also many slightly out of money puts in the major indices that may support us in case of a dip.
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