Now that earnings are out of the way for GOOG, I am going to look to start trading it again. Earnings were really good, and if anyone thinks otherwise, re-read the release. GOOG broke-out as indicated, and I hope profits were taken prior to earnings.
Now that the momentum players are at bay, and the 1st quarter earnings are reflected in the number, GOOG is relatively inexpensive here. I am looking to get in around 545 via the Sept 550 calls.
If it breaks this level, 520 is a very solid support, but realistically I do not see it approaching 520 again.