$GOOG has seen some amazing moves into OPEX this year. Back in July we had the calls turning in some massive gains some going from $.15 to $9.80 http://www.optionmillionaires.com/2012/stock-options-gone-wild.
Earlier this year we had puts going from $.05 to $13.50 on OPEX. A smart trader trades a stock for both ways, and we've done that with $GOOG. The question is where does it go tomorrow and beyond?
I like the PUTS heading into the weekend with the $710 strike at $1.15 offering a great risk/reward. I own the $700 and $705 puts into tomorrow with both offering stronger returns if we get a GOOG pull back. The stock has been buoyant and I've traded the calls during this recent run up only recently turning bearish on the stock. A few weeks ago we alerted the $695 calls at $.25 they went to over $4.00. Will the PUTs make a similar return?
I think $GOOG will test the bottom of the 5 year channel which brings the stock to a price in the low $580's in the near future. Good luck to $GOOG option traders both long and short.