Cramer: Google Could Fall to $550
With earnings season over, Cramer on Tuesday said the charts are in control.
Institutional investors put to work massive amounts of money by buying and selling stocks and in turn, have the ability to move stocks. Without earnings, Cramer said these money managers are sure to be examining technical indicators.
Take Google , for example. The Mountain View, Calif.-based company may be a leader in online advertising and a play on two hot trends — YouTube for watching videos online and its Android operating system for the smart phone craze — but Cramer said insitutional money managers only care about it's "ugly" chart. In turn, they are selling en masse.
Money managers are selling Google shares so aggressively, Cramer said it can actually be seen in its charts. For that reason, technician Dan Fitzpatrick thinks the stock could fall to $550 a share and possibly lower. For his full analysis on Google's charts, as reported by Cramer, watch the video.
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