Google (GOOG) Extends Slide

Google Inc (GOOG)

Today was another great day to trade tech stocks like Priceline (PCLN), Apple (AAPL), Netflix (NFLX), and Google (GOOG). Out of all tech stocks, Google looked the weakest today. A lot of tech stocks gapped down; however, each of the above mentioned stocks (with the exception of Google) were able to rebound and close in the positive territory:

- Netflix gapped lower at around $245, but ended closing up 10 points at $255.72.
- Priceline also gapped lower at around 474 but ended closing up almost 10 points at $490.
- Apple gapped lower at $318.95 but ended closing up almost 9 points at $331.23.
- Google was the exception, gapping lower at 482, and closing in the red (down 6.79 points at $480.22).

The weakness demonstrated by Google was due in part to news of the FTC serving Google with subpoenas in an antitrust probe:

The Federal Trade Commission is poised to serve Google Inc. with civil subpoenas, according to people familiar with the matter, signaling the start of a wide-ranging, formal investigation into whether the Internet-search giant has abused its dominance on the Web.

Based on the technicals and negative news, Google is looking very bearish. Next support is around $460.