SERIOUS: Eric Schmidt resigns as Google tumbles by $70 BillionGoogle suffered the biggest one-day tumble in its history - some $70 Billion wiped out ! Alphabet announced about 2 hours ago that Eric Schmidt the CEO for the last 18 years, will resign from June 2019, and will not seek to be re-elected. This is not great for investor confidence in the short term. Schmidt's resignation won't cure Google's woes anytime soon.
This significantly contributed to the DJI taking a dive for 200pts but recovering as the bulls charged in.
The last serious gap down for Google - not as bad - was in Feb 2018. On that occasion the gap was not closed and price went down for a further 4 days. This does not mean that the same will happen again. But it could.
Google is used to gapping up, not gapping down. After nearly every gap down price has moved further south. The bigger the gap, the less the initial recovery.
Is this the first domino to fall - the pinprick that pops the 'technology bubble'? I don't know. If it is, I trust that Mr Powell et al have enough cash to prop up the DJI. Well, it's easy for the FED cuz all they need to do is turn up the money-printing press. Innit!
