GOOG!!!

Google simply crushed it. I think it speaks to the undervalued nature of many individual names (ie AAPL).  If the after hours action holds up, GOOG will open around 595.

Any sane person would take profits after a +60 point move, especially if that move is leveraged to in the money call options.  But, attempting an unbiased perspective, the chart and valuation may suggest other wise.

Google's high is near 625. So technically, the stock can push to this level before seeing worthy resistance.

A stock price of 595 places Google's trailing PE (excluding cash) is approximately 16.5. The type of quarter Google just produced, with the prospects of mobile, social and display hitting all cylinders suggests the trailing PE needs to expand. At 17 the price is near 613.

I will be far too tempted to take profits from this sizable move tomorrow, but there appears to be more appreciation in the cards. I think GOOG tests its high during this earnings season.

(With a move like this, it makes one think how the street will reward a rapidly growing company with a ex-cash trailing PE of 13.8, with a potential untapped revenue market of $80B?)