Google’s sharp reversal after breaching a red-line support suggest not only that DaBoyz still have their eyes on $1000, but that their strategy for getting there will be a take-no-prisoners approach. We attempted earlier without success to get into some bull spreads centered on the $1000 strike, but it’s probably time to think about trying again. We’ll wait for a pullback, however, since the rally off the recent low at 845 is starting to look a little overdrawn. Stay tuned. _______ UPDATE (September 17, 2:33 p.m. EDT): With the stock currently trading near 884, you can continue to bid for the spread — 0.20 for sixteen of them — with GOOG 880 or higher. It is currently quoted at 0.30-0.85.
