Have you looked at the Google Stock Chart lately? It is ready to test its 52Wk high of $642.96 that it set in Jan 2011. RSI is over 75 already as of 25th July, 2011. RSI indicates Google is in Overbought condition. To read more about RSI, please refer my earlier post available at http://gupta-munish.blogspot.com/2011/07/read-stock-charts-and-improve-your.html. If google does hit a new 52-wk high, consider shorting it or buying the PUT options since it would look to correct itself at any bad news. Moreover, it has created a huge gap between $590 and $560. Once the RSI goes above 80, it would be a good time to buy PUT options at a strike price of $600 for Aug 11.
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