GOOG P/L and charts

I expect a short term bounce in GOOG as it will draft the rest of the market, might as well take the Put profits, open the funds up to other positions and re-establish the Puts at a better cost basis when the bounce is ending. You'll see why I leave the equity short, which will suffer very little draw down, open.

At the $22.50 fill, the GOOG puts made +15%.

The short term 3 min chart has a positive divergence and the tell-tale flat range we see with accumulation/distribution.

The longer term 60 min GOOG chart shows a large head fake move, which usually is scaled to the expected reversal as well as the preceding trend, so this break above resistance was a head fake move as you can see solid distribution throughout, it was purposefully planned as you can see the accumulation needed to send GOOG higher. Smart money sells those accumulated shares in to higher prices and exits any remaining risk then enters short positions.

The bounce in the context of this chart is irrelevant, this is why the GOOG core equity short stays open and maybe is added to if the bounce is decent enough.