Whether this is a breather or a more sustained correction remains to be seen but today is a vindication of sorts for Priceline share price alarmists, myself included. The shares are down some 4% today and about 9% form their high of $775 a week ago.
In fact today seems to be the day of reckoning for some other high-flying titans such as Apple and Google (News - Alert), down 2.5% and 3% respectively. Of course those two companies also have legal hassles to work out, Apple versus the government and Google versus Oracle. Priceline's decline seems to be a mere correction of sorts for a runaway stock.
So did I position myself to profit from this inevitable decline? Not me. No doubt some people are profiting handsomely today, but I, on the other hand, don't possess the virtues of patience and calmness. I am just fine observing from the sidelines.