Last week we posted that Google was set for a fall under $300 a share and put a target price of $275 using simple technical analysis. In Live trading Google is sitting at $269, yielding a 17% profit in less than two weeks.

This morning shares of Google (GOOG) fell through key short term support at $325 a share. The stock has been trading within a 50 point range for the last several weeks and a close today under support could signal the start of a fresh 15% move lower.

During a regular bull market this list of stocks at 52 week highs would be much larger on any given day but with tough times comes tough trading. Investors looking for short term plays need to add these stocks to their close watch lists.

Bear markets are known to bottom about 60% through a standard recession. If investors wait until economic data supports a turn around they typically have already missed a substantial rally. By watching stocks that hold key multi-year support levels investors can get an upper hand buying potential new market leaders early and with confidence.

The market rallied late today to close in the green (less the NASDAQ -.73%) and is still barely holding onto dear life as it tries to keep its support intact. This highly volatile sideways action the last two weeks has in turn created some hard to miss bear flags.

What industry group has recently emerged from the fog? None other than Medical Products. These stocks have been taken interest by institutional investors, and while I am not as inclined to say a new trend is emerging, there are some great stocks to add to a watch list.