Google Scares the Bears Away -- Now What?

By David Brown, Chief Market Strategist, Sabrient Systems

After one of the most volatile weeks in market history, Google (GOOG) single-handedly frightened the bears away this morning with its $12.5 billion purchase of Motorola Mobility (MMI).

The abundance of news last week -- most with a positive slant -- finally boosted the S&P 500 out of the Channel of Gloom in which it was mired for so long. Not only did the S&P 500 break out of the channel, but it is now threatening the 200-day moving average, having surpassed the 50-day MA last week.