Bearish Harami. Close under 8ema. Under all DMA's. Stochastics not oversold yet. Broke short term Trend Line (Flag). Cooperative Ichimoku chart.
Target previous support 988. More conservative target could be 1000 swing low
& round number.
Got a GOOG Dec 1000 Put at 3:46pm ET for $23.50. Set a target of 1001. Used 1001 instead of 1000 in case of an early bounce.
Notice the Option Open Interest is the highest (2.62K) for the 1000 strike price. Guess I'm not the only one with this bearish view of GOOG. Notice Theta shows a daily loss of about $48 in time decay. I thought about getting a vertical spread to save on Theta and reduce the value at risk, but the Bid/Ask spread isn't very attractive and the spread will have a significantly lower Delta which will substantially cut into potential profits. So I just got a simple option since the bearish chart pattern looks so good. The faster it hits my target the more I save on Theta loss, but I'll be happy if it hits my target at all, rather than a deviant rally.
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