Originally Posted by mjoke
well jmo it was being shorted hard, no way was that normal behavor.. let alone the 500 calls that came across 30 mins before close was an indication. also its bottomed on alot of indicators...
needs to go down to come back up..
I'm just speaking from experience when I say that you can't rely on a big purchase of a specific option as your guide to which way it's going to go...
Case in point:
I was trading AAPL a while back and someone bought 1200 contracts on the Bid worth over $200k and I said 'holy smokes, I'm in' but the value only bounced 5% and as I was watching, about 1500 contracts changed hands at that level and then the value came crashing down to nothing within a week.
So I figured the buyer was just manipulating and bought with an immediate sell point of that next level up in order to fake out those that were wanting in.
As for GOOG and the market, well the overall trend is still down and GOOG did bounce up...$37...and formed a double top, so the force is against the longs...imho.