cletus wrote:I bought January 2013 220 puts on GOOG today -- the most aggressive position possible. The price target of this wedge (if it's a wedge) is $150. I was talking with a co-worker about how that could play out. He thought maybe it would be Facebook taking over the internet by adding a search engine into its web page. Google would then be irrelevant, kind of like Yahoo.
looks more like an ascending triangle imo
It's a speculative bet, not a huge position but definitely a once in a lifetime kind of trade. That looks like a rising wedge to me. Just look how volume has died on GOOG.
Where are the buyers going to come from exactly?
Also, these are 2013 puts. I don't care about earnings tomorrow.
We knew it's leap, but you will have a better price for your long term speculation if GOOG spike after ER tomorrow.
Cobra wrote:well, guess that's it for today. the after bell quick summary may be delayed today because I'll out for an hour or two, overall, as long as today close in green, bears have nothing to worry because the force is with you. thank you guys, I'll see you tomorrow.
Cobra, will you say that SPY still is forming a bear flag and hence the next move has a higher probability of going down to test the 3/16 low first before testing the 2/18 high? Thanks.
