Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Google Inc GOOG GOOGL shares were trading higher by $23 at $605.06 in Wednesday's session. The catalyst for the rally is an upgrade by Goldman Sachs from Neutral to Conviction Buy and a price target raise from $660 all the way to $800.
After a sharply higher open ($610.35 vs. Tuesday's close of $582.06) it continued to rally and found resistance ahead of Tuesday's high ($617.45), only reaching $615.90 before reversing course.
The retreat, aided by a massive selloff in the broad market, has found intra-day support at $600.01 and at this time has rebounded back to the $605 area.
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