$GOOG Heading To The Bottom Of Channel? (VIDEO)

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$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.

Profile photo of uranium-pinto-beansKnown to most as Uranium Pinto Beans, Jason has more than 15 years under his belt of trading stocks, options and currencies. His expertise primarily lies in chart analysis, and he has a strong eye for undervalued stock. Because he’s got the ability to identify great risk/reward trades he usually enjoys taking the path less traveled and reaping the benefits from the adventure.

He is a co-founder of Option Millionaires, and he is best known for his weekly webinars with Scott, as well as his high level training webinars and charts found in the forums.

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