Time was, weeks ago, when the sucker rallies in this stock were awe-inspiring. The stock sometimes bounced up 40, 50 points before finally giving it all back.
But the last two or three GOOG sucker rallies have been increasingly pathetic. The stock wanders up 10 or 20 points before falling back 30. What's happening?
My own theory is that the suckers are just getting tired of being suckered. It's expensive. But there are much more sinister possibilities. We could be seeing increasing selling by professionals. Unlike individuals, pros tend to sell on bounces. They don't necessarily interpret every bounce as the beginning of a run to 600. So we could be seeing increasingly urgent activity by people who should know better, and who remember 2001. That would be more serious than what we've seen so far.