China growth is the fear driving most of these tech stocks down and ORCL started the most recent selloff not the taper fear. Earnings will mean everything and GOOG has to outperform all anticipated projections!
China growth worries should have nothing to do with GOOG, since they are no where in China. All their money is made ex china, except for smartphones, and that revenue isn't even a blip in their total earnings. GOOG is just retracing the last leg up, and will probably consolidate this week to take off prior to earnings. They report in 3 weeks time. probably be around 910 to 920 prior to earnings, and we'll see how well they are doing, as I'll sell a week before. Bought in at 690.
By no means i am a chartist, but what i am reading is that there have been enormous selling with two high volume days in last one year. It could mean that people are cashing out / rotating their funds elsewhere. Today's open high and "expected" close low should be a trend reversal. It means people are selling the strength in a weak market.
Now trade google with caution. I maybe wrong but it doesn't hurt to exercise extra caution.