Google Attempting To Save Market From The Abyss

em>Joel Elconin is the co-host of

, a daily trading idea radio show.

Google

shares are trading higher by $7 at $670.02 in Tuesday's session. While there is weakness across the board in the numerous sectors, Google is bucking the trend and has made a new new high for it mind-boggling rally before and after its better-than-expected Q2 earnings report coupled with multiple cost-cutting measures. After giving back $11 in Monday's session, Google is rolling north once again. After a lower open it found support ahead of Monday's low ($653.01), only reaching $654.30 before sharply reversing course. So far, the rally has not yet reached its all time high from Friday's session ($674.47(, but is not far from it, reaching $672 at this time. Interestingly, $60 of Google's $150 rally from its July 9 close ($520.68) came in the five days prior to its Q2 report as the Street was leaning the right way heading into the much anticipated report. Especially since the company had come up shy of Wall Street's estimates in seven of its last ten quarters. .