Google (GOOG) broke through resistance at ~620 last week. Today it got as high as 642 before pulling back. Using this as an entry point for new bull put spreads. Keeping the short strike below the 20- and 200-day moving averages. Almost 3 full ATRs away. Currently a 90% chance of achieving max profit.
Also note the OBV indicating money flowing heavily into the stock, and bullish convergence in the stochastics.
Trade:
Sold GOOG Aug 12 595/590 bull put spread for ($2.60-$2.10) x 100 x 5 spreads = $250 premium received
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