Option Trading College

Subject: A month in the life of a call option
Instructor: The don Franko
Length: 3 sessions

Session 1 – Did you know

There are many places on the internet to get options information, advice, suggested plays and a whole lot of sizzle, but hey...where's the steak?

So many people come into the options trading world with visions of grandeur, rose colored glasses, reckless abandon and downright dumb luck. They throw their money into an arena that is the most competitive place on the planet; with some of the most talented people who happen to have front side information, robots, proprietary trading tools and tactics; and then comes along the new/novice traders who expect to extract profits from that very market place? Pulease!

You, the unsuspecting novice trader, are up against ridiculous odds and odds makers (market makers) who have the decided edge over you in the short run; and you must rely on luck first, then skill, if you hope to make a consistent profit at this game. For years I was elated and then crushed emotionally as I navigated through this literal field of financial land-mines called options trading.

Sure, I took some training courses, then took some more and more, but these "gurus" I entrusted my hopes and dreams on, gave me knowledge that all too often proved useless in the real world of trading. In fact, I found their training more on the level with information peddlers selling convoluted knowledge vs. real experience; and more importantly, the lack of actual proof of consistent profits using their knowledge.

With that said, I have decided to do some real homework for you and give you a very good dose of reality in the ups and downs of an option trade—a "real life" experience!

For the next full option trading month, I will post the daily opening and closing prices of four option prices: ITM, ATM, OTM and DOTM. We will watch how these option prices are affected by the stock’s movements throughout the month. I will also add comments as we go along helping you understand what is going on. I know this will open your eyes in a way you may have not seen before and bring home the need for you to really consider buying ONLY options that are ITM for short-term day/swing trades.

I am going to pick a very hot and volatile stock as our example. Now if you currently trade in the financial markets, then you know the hottest stock as of this writing is GOOGLE (GOOG). This stock will check your gut tolerance and then some. As we progress, you will get to see how the option prices react to earnings runs and more importantly, how it behaves after earnings are released.... this is going to be fun!

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Session 2 – Making heads or tails of an option trade

Have you ever wondered how a front-month call option reacts to the day-to-day changes in the price of the underlying stock? I would venture to say you, like most options traders, have never followed the life of an option for an entire month. Most of the time we are playing a guessing game and gambling for a big score only hoping we made a correct choice before our option expires worthless.

Did you know it's been said that 90% of all option contracts purchased expire worthless? That's because people speculate rather than educate when it comes to options trading. They swing for the fence hoping for that grand slam return only to get s serious dose of indigestion as they lose their money time and time again. Even when they do make a profitable trade, they end up getting way to cocky and take even bigger risks on DOTM plays or even worse, do not take a sure profit before expiration only to see a profit get wiped out and their money lost on expiration day. I know it sounds ridiculous, but believe me, I have seen it happen and have personally experienced that pain myself. Buying DOTM options is gambling with Vegas style odds. Sure, you can take those kinds of risks, but only after you understand how to pick them; and then only with profits from properly executed safe trades. (see lotto plays)

I get asked multiple questions all the time like:

How does an option price change?

What makes it change so much?

When would I know it's a good time to take a profit or cut a loss?

In my other training modules, I have often referred to the GREEKS, commonly called: Delta, Theta, Vega, Gamma, RHO. Each of the Greeks play a pivotal role in the life of an options price movement, but you need a master’s degree in abstract mathematics to figure them out on the fly. In fact, it takes a very sophisticated calculator to work out the probabilities of future prices in an options life; however, that can be changed in a split second by unforeseen market forces...and greedy market makers!

So, my trading enthusiasts, I am going to keep track (for educational amusement) of the life of four call options, for the entire front month, from one expiration day to the next. I am going to pick a beloved stock (GOOG) that has a ton of volatility (Vega) and show you just how much time decay (Theta) can affect your profits and or losses...especially on DOTM option plays. What you will find even more amazing is how much the price of the option will fluctuate (Delta) based on how much sun it gets...better known as "Gamma" radiation...lol—You know, I hear tell that if your get enough Gamma Radiation you could turn into a very big green guy ;-O.

The most popular GREEK that traders hear about is called the Delta. The Delta is the underlying rate of change in the option price relative to the change in the price of a stock. Here is what a typical Delta value looks like:

AAPL at $396.53

A typical Delta value for two strikes ITM option would be .70; and for ATM would be .50–0.60 and two strikes OTM would be .30–.40 and DOTM would be .10–.25. So, for every dollar a stock moves, your corresponding option would change in price based on the Delta; however it's influenced by all the other Greeks, and if you ask me, sometimes the price gets whacked around beyond the true Delta value my market makers—kind of reminds me of a story with a Trojan Horse involved.

Oh, there is one more Greek you need to look at which is called RHO. This Greek is more like a horse race in that Rho is the change of the options price given a one percentage point change in the risk-free interest rate. HA! There is certainly no "risk-free" opportunity when it comes to options trading—and that is what makes it so much fun...that is, if you are on the right side of the trade ;-)

Bottom line, if you want a lot less stress when buying options (especially weekly options) just buy a Delta of .70 and you will have more winning trades!

Ok, on with the meat of this lesson.

Google has been one of the hottest stocks over the past two years. It has very wide swings in price movement and reacts wildly to negative news, as well as positive news. The stock is extremely expensive, so millions of small investors use options to try and get their piece of this pie. What many/most of those investors do not realize is how dangerous trading a stock like Google with short-term options can be.

As you continue, I am going to show you the wild price swings of this stock as it approaches an earnings release and how the option prices behave after earnings. This will give you a benchmark of actual experience to reflect upon, learn from and profit from to help you understand how to trade options in the future!

Typically, GOOG likes to announce earnings the day before expiration; however, this quarter (Jan 2008), they are announcing in the middle of an expiration cycle, so it's going to be interesting to see what they say and what happens next.

(4/24/08 Update: check out what happed in the past when they announced the day before expiration...cha-CHING!)

I hope you learn valuable insight and save/make thousands of dollars from this great example!

Session 3 – The Trades

We are going to pick four options to watch. I want you to see the swings in different options prices:

ITM (safest)

ATM (most expensive)

OTM (gambling)

DOTM (deep out of the money – Lottery plays)

Here are all the results for quick viewing but be sure to look below for commentary and charts to show what really happened.

Below is the daily breakdown of these options:

Google Inc (GOOG)

Jan 18th, 2008 Close - EARNINGS: JAN 31st (after market close)

600.25 -0.54 -0.09%
After Hours: 598.30 -1.95 / -0.32% Vol. 91,131
Previous Close	600.79	Bid	594.98
Open	608.36	Bid Size	300
Day's High	609.99	Ask	604.50
Day's Low	598.45	Ask Size	100
Volume	8.54 Mil	52 Week High	747.24
Avg. Daily Vol. (13 wk.)	6.19 Mil	52 Week Low	437.00

Notice the open interest as we start this process. As you can clearly see, the DOTM calls have a substantially higher number of contracts. Why? Because most traders are misinformed on the volatility of options from day-to-day and even worse, they are gamblers looking for that really big score. Sure, you can get one, but NEVER place all your trading eggs in that basket because it has plenty of holes in it! As we progress over the next four weeks, we will see how the open interest changes.

Google Inc (GOOG)

Jan 21st, 2008 Close

600.25 unch

Previous Close	600.25	Bid	594.98
Open	NA	Bid Size	300
Day's High	NA	Ask	604.50
Day's Low	NA	Ask Size	100
Volume	NA	52 Week High	747.24
Avg. Daily Vol. (13 wk.)	6.19 Mil	52 Week Low	437.00

The markets were closed today for Martin Luther King Jr.'s birthday.

Google Inc (GOOG)

Jan 22nd , 2008 Close

584.35 -15.90 -2.65%
After Hours: 570.75 -13.60 / -2.33% Vol. 36,261
Previous Close	600.25	Bid	569.50
Open	562.03	Bid Size	100
Day's High	597.50	Ask	570.75
Day's Low	561.20	Ask Size	100
Volume	9.48 Mil	52 Week High	747.24
Avg. Daily Vol. (13 wk.)	6.19 Mil	52 Week Low	437.00

Option Quotes:

===================================================================================

34.03 -10.17 -23.01%
.GOOBP quote
Open	24.200	Open Interest	427
Bid	33.200	Previous Close	44.200
Bid Size	19	Volume	2,171
Ask	33.700	Day's High	42.750
Ask Size	31	Day's Low	24.200
Strike Price	580.000	Days Until Expiration	25
Expiration Date	February 16, 2008

====================================================================================

23.50 -8.70 -27.02%
.GOOBT quote
Open	18.600	Open Interest	1,383
Bid	23.000	Previous Close	32.200
Bid Size	33	Volume	5,851
Ask	23.500	Day's High	31.600
Ask Size	21	Day's Low	16.600
Strike Price	600.000	Days Until Expiration	25
Expiration Date	February 16, 2008

====================================================================================

15.70 -7.40 -32.03%
.GOOBD quote
Open	11.400	Open Interest	1,923
Bid	15.200	Previous Close	23.100
Bid Size	10	Volume	1,909
Ask	15.600	Day's High	22.100
Ask Size	21	Day's Low	10.600
Strike Price	620.000	Days Until Expiration	25
Expiration Date	February 16, 2008

====================================================================================

1.75 -2.65 -60.23% - DOTM decimated!
.GOQBT quote
Open	1.950	Open Interest	7,071
Bid	1.700	Previous Close	4.400
Bid Size	29	Volume	2,889
Ask	1.900	Day's High	3.600
Ask Size	21	Day's Low	1.000
Strike Price	700.000	Days Until Expiration	25
Expiration Date	February 16, 2008

====================================================================================

WOW! We could not get a better market to show the power of volatility than this one. Today, the Federal Reserve cut interest rates by a whopping .75 basis points. This sent the markets into a tail spin opening nearly 500 points down before rebounding nearly all of it on massive short covering and bargain hunting. Will this be the bottom for 2008? That remains to be seen. After the bell Apple announced earnings and made a hefty profit but investors took it to the woodshed and spanked the crap out of the stock in after hours trading. I am sure this favorite will spring back as time marches on. The Apple news caused Google to slip lower in after hours trading.

Google Inc (GOOG)

Jan 23rd , 2008 Close

548.62 -35.73 -6.11%
After Hours: 548.89 +0.27 / +0.05% Vol. 40,942
Previous Close	584.35	Bid	548.50
Open	560.71	Bid Size	100
Day's High	568.00	Ask	548.98
Day's Low	519.00	Ask Size	100
Volume	16.90 Mil	52 Week High	747.24
Avg. Daily Vol. (13 wk.)	6.23 Mil	52 Week Low	437.00

Option Quotes:

===================================================================================

17.00 -17.03 -50.04%
.GOOBP quote
Open	20.900	Open Interest	745
Bid	16.400	Previous Close	34.030
Bid Size	23	Volume	4,268
Ask	17.000	Day's High	26.600
Ask Size	32	Day's Low	10.900
Strike Price	580.000	Days Until Expiration	24
Expiration Date	February 16, 2008

====================================================================================

10.40 -13.10 -55.74%
.GOOBT quote
Open	14.300	Open Interest	2,799
Bid	10.000	Previous Close	23.500
Bid Size	46	Volume	7,658
Ask	10.900	Day's High	18.000
Ask Size	88	Day's Low	6.900
Strike Price	600.000	Days Until Expiration	24
Expiration Date	February 16, 2008

====================================================================================

6.00 -9.60 -61.54%
GOOBD quote
Open	8.700	Open Interest	2,307
Bid	5.900	Previous Close	15.600
Bid Size	21	Volume	4,165
Ask	6.500	Day's High	11.500
Ask Size	175	Day's Low	4.200
Strike Price	620.000	Days Until Expiration	24
Expiration Date	February 16, 2008

====================================================================================

0.65 -1.05 -61.76%
.GOQBT quote
Open	0.950	Open Interest	8,121
Bid	0.600	Previous Close	1.700
Bid Size	3	Volume	1,500
Ask	0.700	Day's High	1.400
Ask Size	107	Day's Low	0.500
Strike Price	700.000	Days Until Expiration	24
Expiration Date	February 16, 2008

====================================================================================

Another day of deluge as Google gets decimated in early market trading. Once the bottom was put in place in the overall markets, Google and others had quite a snapback rally erasing most of the losses on the day but the stock is still down a hefty amount of points heading into earnings. As you can see from the wide price swings in these calls options, you have to have an iron stomach if you trade Google.

Google Inc (GOOG)

Jan 24th , 2008 Close

574.49 +25.87 +4.72%
After Hours: 588.00 +13.51 / +2.35% Vol. 71,549
Previous Close	548.62	Bid	586.21
Open	558.80	Bid Size	100
Day's High	579.69	Ask	588.00
Day's Low	554.14	Ask Size	100
Volume	9.41 Mil	52 Week High	747.24
Avg. Daily Vol. (13 wk.)	6.39 Mil	52 Week Low	437.00

Options:

===================================================================================

23.80 +6.80 +40.00%
.GOOBP quote
Open	20.200	Open Interest	1,787
Bid	23.400	Previous Close	17.000
Bid Size	11	Volume	4,160
Ask	23.800	Day's High	27.900
Ask Size	44	Day's Low	17.000
Strike Price	580.000	Days Until Expiration	23
Expiration Date	February 16, 2008

====================================================================================

14.60 +4.20 +40.38%
.GOOBT quote
Open	12.400	Open Interest	4,746
Bid	14.700	Previous Close	10.400
Bid Size	11	Volume	5,725
Ask	15.000	Day's High	18.500
Ask Size	46	Day's Low	10.500
Strike Price	600.000	Days Until Expiration	23
Expiration Date	February 16, 2008

====================================================================================

9.20 +3.20 +53.33%
.GOOBD quote
Open	7.300	Open Interest	3,168
Bid	8.600	Previous Close	6.000
Bid Size	11	Volume	2,395
Ask	8.900	Day's High	11.200
Ask Size	33	Day's Low	5.800
Strike Price	620.000	Days Until Expiration	23
Expiration Date	February 16, 2008

====================================================================================

0.90 +0.25 +38.46%
.GOQBT quote
Open	0.650	Open Interest	8,468
Bid	0.800	Previous Close	0.650
Bid Size	17	Volume	1,115
Ask	0.900	Day's High	1.200
Ask Size	21	Day's Low	0.580
Strike Price	700.000	Days Until Expiration	23
Expiration Date	February 16, 2008

====================================================================================

After yesterday's roller coaster ride, Google showed some love and moved back over the 200 day moving average. This is a key support area for any stock, especially a heavy weight like Google. As earnings approach next week on the 31st, many investors are starting to place their bets. Notice the open interest on the DOTM 700 calls has more than doubled since we started.

Google Inc (GOOG)

Jan 25th , 2008 Close

566.40 -8.09 -1.41%
After Hours: 568.00 +1.60 / +0.28% Vol. 21,869
Previous Close	574.49	Bid	525.00
Open	591.81	Bid Size	300
Day's High	595.00	Ask	999.99
Day's Low	566.18	Ask Size	200
Volume	6.97 Mil	52 Week High	747.24
Avg. Daily Vol. (13 wk.)	6.45 Mil	52 Week Low	437.00

Options:

===================================================================================

20.40 -3.40 -14.29%
.GOOBP quote
Open	33.000	Open Interest	2,642
Bid	20.300	Previous Close	23.800
Bid Size	36	Volume	4,417
Ask	21.000	Day's High	34.600
Ask Size	36	Day's Low	20.400
Strike Price	580.000	Days Until Expiration	22
Expiration Date	February 16, 2008

===================================================================================

13.10 -1.50 -10.27%
.GOOBT quote
Open	22.400	Open Interest	5,184
Bid	13.200	Previous Close	14.600
Bid Size	10	Volume	5,150
Ask	13.300	Day's High	23.200
Ask Size	21	Day's Low	13.100
Strike Price	600.000	Days Until Expiration	22
Expiration Date	February 16, 2008

===================================================================================

7.70 -1.50 -16.30%
.GOOBD quote
Open	14.200	Open Interest	3,170
Bid	7.700	Previous Close	9.200
Bid Size	34	Volume	2,833
Ask	8.200	Day's High	14.600
Ask Size	60	Day's Low	7.700
Strike Price	620.000	Days Until Expiration	22
Expiration Date	February 16, 2008

===================================================================================

0.90 unch
.GOQBT quote
Open	1.300	Open Interest	8,841
Bid	0.850	Previous Close	0.900
Bid Size	16	Volume	2,308
Ask	0.950	Day's High	1.550
Ask Size	38	Day's Low	0.900
Strike Price	700.000	Days Until Expiration	22
Expiration Date	February 16, 2008

===================================================================================

What a week of volatility we had and what an awesome example of how options can swing wildly on a stock like Google! As you can see, if you were a call buyer last week, you certainly were stopped out by Monday and if you did not have a stop in place, you can see your climb back to a break even is not looking good at this point. With earnings coming next week and the markets coming off a serious gyration, you just might get lucky if Google surprises. Now if you had puts you would be a very happy camper this week!

Google Inc (GOOG)

Jan 28th , 2008 Close

555.98 -10.42 -1.84%
After Hours: 553.15 -2.83 / -0.51% Vol. 9,695
Previous Close	566.40	Bid	553.15
Open	570.97	Bid Size	100
Day's High	572.24	Ask	554.69
Day's Low	548.60	Ask Size	100
Volume	5.82 Mil	52 Week High	747.24
Avg. Daily Vol. (13 wk.)	6.51 Mil	52 Week Low	437.00

Options:

===================================================================================

16.00 -4.40 -21.57%
.GOOBP quote
Open	22.600	Open Interest	3,141
Bid	16.000	Previous Close	20.400
Bid Size	42	Volume	1,822
Ask	16.300	Day's High	22.600
Ask Size	5	Day's Low	13.200
Strike Price	580.000	Days Until Expiration	19
Expiration Date	February 16, 2008

===================================================================================

10.00 -3.10 -23.66%
.GOOBT quote
Open	14.500	Open Interest	5,891
Bid	9.900	Previous Close	13.100
Bid Size	31	Volume	3,183
Ask	10.000	Day's High	14.600
Ask Size	10	Day's Low	8.100
Strike Price	600.000	Days Until Expiration	19
Expiration Date	February 16, 2008

===================================================================================

6.00 -1.70 -22.08%
.GOOBD quote
Open	8.700	Open Interest	3,504
Bid	5.700	Previous Close	7.700
Bid Size	30	Volume	4,485
Ask	6.100	Day's High	8.700
Ask Size	22	Day's Low	4.500
Strike Price	620.000	Days Until Expiration	19
Expiration Date	February 16, 2008

===================================================================================

0.85 -0.05 -5.56%
.GOQBT quote
Open	0.800	Open Interest	8,910
Bid	0.700	Previous Close	0.900
Bid Size	46	Volume	1,021
Ask	1.000	Day's High	1.150
Ask Size	51	Day's Low	0.350
Strike Price	700.000	Days Until Expiration	19
Expiration Date	February 16, 2008

Not much action today but showing no love going into earnings this week. Volume was light and in after hours it traded down which does not bode well for call players at the moment.

Google Inc (GOOG)

Jan 29th , 2008 Close

550.52 -5.46 -0.98%
After Hours: 551.89 +1.37 / +0.25% Vol. 71,656
Previous Close	555.98	Bid	549.01
Open	560.47	Bid Size	100
Day's High	561.33	Ask	550.00
Day's Low	540.67	Ask Size	100
Volume	6.15 Mil	52 Week High	747.24
Avg. Daily Vol. (13 wk.)	6.55 Mil	52 Week Low	437.00

Options:

===================================================================================

14.00 -2.00 -12.50%
.GOOBP quote
Open	17.500	Open Interest	3,138
Bid	13.900	Previous Close	16.000
Bid Size	10	Volume	1,884
Ask	14.500	Day's High	18.200
Ask Size	50	Day's Low	11.800
Strike Price	580.000	Days Until Expiration	18
Expiration Date	February 16, 2008

===================================================================================

9.00 -1.00 -10.00%
.GOOBT quote
Open	11.000	Open Interest	6,199
Bid	8.100	Previous Close	10.000
Bid Size	39	Volume	3,121
Ask	8.900	Day's High	11.400
Ask Size	75	Day's Low	7.100
Strike Price	600.000	Days Until Expiration	18
Expiration Date	February 16, 2008

===================================================================================

4.90 -1.10 -18.33%
.GOOBD quote
Open	6.500	Open Interest	5,522
Bid	4.700	Previous Close	6.000
Bid Size	60	Volume	2,155
Ask	5.100	Day's High	6.900
Ask Size	105	Day's Low	4.100
Strike Price	620.000	Days Until Expiration	18
Expiration Date	February 16, 2008

===================================================================================

0.75 -0.10 -11.76%
.GOQBT quote
Open	0.900	Open Interest	8,739
Bid	0.650	Previous Close	0.850
Bid Size	37	Volume	526
Ask	0.850	Day's High	1.050
Ask Size	32	Day's Low	0.650
Strike Price	700.000	Days Until Expiration	18
Expiration Date	February 16, 2008

===================================================================================

Another boring day of slippage to the downside. With earning just two days away, investors are only waiting to see. In after hours rival Yahoo disappointed and dropped $2.12 or 10%! Wow, if Google misses a 10% correction is $54.00 which would make the puts a home run play! Google did drop $6.19 on the news so things could get really exciting over the next two days.

Google Inc (GOOG)

Jan 30th , 2008 Close

548.27 -2.25 -0.41%
After Hours: 546.49 -1.78 / -0.32% Vol. 7,990
Previous Close	550.52	Bid	545.00
Open	549.19	Bid Size	100
Day's High	560.43	Ask	546.48
Day's Low	543.51	Ask Size	100
Volume	7.92 Mil	52 Week High	747.24
Avg. Daily Vol. (13 wk.)	6.54 Mil	52 Week Low	437.00

Options:

12.60 -1.40 -10.00%
.GOOBP quote
Open	13.300	Open Interest	3,069
Bid	12.400	Previous Close	14.000
Bid Size	10	Volume	2,741
Ask	12.800	Day's High	18.200
Ask Size	24	Day's Low	12.000
Strike Price	580.000	Days Until Expiration	17
Expiration Date	February 16, 2008

===================================================================================

7.70 -1.30 -14.44%
.GOOBT quote
Open	7.900	Open Interest	7,019
Bid	7.500	Previous Close	9.000
Bid Size	21	Volume	4,894
Ask	7.900	Day's High	11.900
Ask Size	21	Day's Low	7.100
Strike Price	600.000	Days Until Expiration	17
Expiration Date	February 16, 2008

===================================================================================

4.70 -0.20 -4.08%
.GOOBD quote
Open	4.500	Open Interest	5,673
Bid	4.500	Previous Close	4.900
Bid Size	43	Volume	3,582
Ask	4.900	Day's High	7.200
Ask Size	43	Day's Low	4.100
Strike Price	620.000	Days Until Expiration	17
Expiration Date	February 16, 2008

===================================================================================

0.70 -0.05 -6.67%
.GOQBT quote
Open	0.700	Open Interest	8,898
Bid	0.600	Previous Close	0.750
Bid Size	44	Volume	603
Ask	0.800	Day's High	1.000
Ask Size	21	Day's Low	0.600
Strike Price	700.000	Days Until Expiration	17
Expiration Date	February 16, 2008

===================================================================================

Tomorrow is the big day as Google will announce earnings results after the close. With the Fed lowering rates by .500%, Google put on a little rally but still closed the day down. Investors are extremely nervous and if this stock does not come out with spectacular results the puts are going to have a HUGE party!

Google Inc (GOOG)

Jan 31st , 2008 Close

564.30 +16.03 +2.92%
After Hours: 525.00 -39.30 / -6.96% Vol. 900,294
Previous Close	548.27	Bid	524.72
Open	539.01	Bid Size	300
Day's High	573.00	Ask	524.95
Day's Low	534.29	Ask Size	200
Volume	14.78 Mil	52 Week High	747.24
Avg. Daily Vol. (13 wk.)	6.56 Mil	52 Week Low	437.00

Options:

===================================================================================

16.50 +3.90 +30.95%
.GOOBP quote
Open	9.700	Open Interest	3,349
Bid	17.100	Previous Close	12.600
Bid Size	1	Volume	7,251
Ask	17.600	Day's High	21.400
Ask Size	1	Day's Low	9.700
Strike Price	580.000	Days Until Expiration	16
Expiration Date	February 16, 2008

===================================================================================

9.90 +2.20 +28.57%
.GOOBT quote
Open	5.700	Open Interest	7,907
Bid	9.700	Previous Close	7.700
Bid Size	342	Volume	11,717
Ask	10.000	Day's High	12.800
Ask Size	211	Day's Low	5.700
Strike Price	600.000	Days Until Expiration	16
Expiration Date	February 16, 2008

===================================================================================

5.50 +0.80 +17.02%
.GOOBD quote
Open	3.400	Open Interest	6,191
Bid	5.300	Previous Close	4.700
Bid Size	14	Volume	5,479
Ask	5.500	Day's High	7.100
Ask Size	48	Day's Low	3.400
Strike Price	620.000	Days Until Expiration	16
Expiration Date	February 16, 2008

===================================================================================

0.75 +0.05 +7.14%
.GOQBT quote
Open	0.400	Open Interest	9,061
Bid	0.700	Previous Close	0.700
Bid Size	1	Volume	1,841
Ask	0.800	Day's High	0.800
Ask Size	35	Day's Low	0.400
Strike Price	700.000	Days Until Expiration	16
Expiration Date	February 16, 2008

===================================================================================

Google announced earnings and missed analysts expectations. The stock was rocking during the day then plummeted nearly $60 bucks into the close and after earnings were announced. Tomorrow will be pivotal for the next few months as the stock finds bargain hunters or it continues the wholesale slaughter in its share price. Should the stock drop, the puts will BANK and we still have two weeks to expiration!

Google Inc (GOOG)

Feb 1st , 2008 Close

515.90 -48.40 -8.58%
After Hours: 516.79 +0.89 / +0.17% Vol. 2,799
Previous Close	564.30	Bid	464.00
Open	528.67	Bid Size	100
Day's High	536.67	Ask	567.00
Day's Low	510.00	Ask Size	200
Volume	17.60 Mil	52 Week High	747.24
Avg. Daily Vol. (13 wk.)	6.69 Mil	52 Week Low	437.00

Options:

====================================================================================

1.80 -14.70 -89.09%
.GOOBP quote
Open	4.600	Open Interest	5,435
Bid	1.650	Previous Close	16.500
Bid Size	2	Volume	5,978
Ask	1.800	Day's High	4.600
Ask Size	65	Day's Low	1.650
Strike Price	580.000	Days Until Expiration	14
Expiration Date	February 16, 2008

====================================================================================

0.85 -9.05 -91.41%
.GOOBT quote
Open	4.400	Open Interest	10,582
Bid	0.800	Previous Close	9.900
Bid Size	15	Volume	8,663
Ask	0.850	Day's High	4.400
Ask Size	18	Day's Low	0.250
Strike Price	600.000	Days Until Expiration	14
Expiration Date	February 16, 2008

====================================================================================

0.40 -5.10 -92.73%
.GOOBD quote
Open	0.100	Open Interest	7,462
Bid	0.400	Previous Close	5.500
Bid Size	85	Volume	3,282
Ask	0.700	Day's High	0.850
Ask Size	24	Day's Low	0.100
Strike Price	620.000	Days Until Expiration	14
Expiration Date	February 16, 2008

====================================================================================

0.10 -0.65 -86.67%
.GOQBT quote
Open	0.050	Open Interest	9,505
Bid	0.100	Previous Close	0.750
Bid Size	1	Volume	953
Ask	0.150	Day's High	0.250
Ask Size	35	Day's Low	0.050
Strike Price	700.000	Days Until Expiration	14
Expiration Date	February 16, 2008

====================================================================================

Google never recovered from yesterdays post earnings plunge and take a look at the total devastation of the calls. A clear object lesson why you should NEVER hold over earnings announcement one sided.

Google Inc (GOOG)

Feb 4th , 2008 Close

495.43 -20.47 -3.97%
After Hours: 493.10 -2.33 / -0.47% Vol. 56,374
Previous Close	515.90	Bid	480.00
Open	509.07	Bid Size	100
Day's High	512.78	Ask	504.99
Day's Low	492.55	Ask Size	300
Volume	13.16 Mil	52 Week High	747.24
Avg. Daily Vol. (13 wk.)	6.89 Mil	52 Week Low	437.00

Options:

0.60 -1.20 -66.67%
.GOOBP quote
Open	1.200	Open Interest	5,763
Bid	0.600	Previous Close	1.800
Bid Size	89	Volume	2,025
Ask	0.650	Day's High	1.350
Ask Size	93	Day's Low	0.600
Strike Price	580.000	Days Until Expiration	12
Expiration Date	February 16, 2008

===================================================================================

0.45 -0.40 -47.06%
.GOOBT quote
Open	0.580	Open Interest	9,566
Bid	0.350	Previous Close	0.850
Bid Size	41	Volume	1,976
Ask	0.450	Day's High	0.750
Ask Size	51	Day's Low	0.350
Strike Price	600.000	Days Until Expiration	12
Expiration Date	February 16, 2008

===================================================================================

0.26 -0.14 -35.00%
.GOOBD quote
Open	0.400	Open Interest	7,029
Bid	0.250	Previous Close	0.400
Bid Size	76	Volume	586
Ask	0.350	Day's High	0.500
Ask Size	74	Day's Low	0.200
Strike Price	620.000	Days Until Expiration	12
Expiration Date	February 16, 2008

===================================================================================

0.05 -0.05 -50.00%
.GOQBT quote
Open	0.050	Open Interest	9,464
Bid	NA	Previous Close	0.100
Bid Size	NA	Volume	211
Ask	0.050	Day's High	0.100
Ask Size	150	Day's Low	0.050
Strike Price	700.000	Days Until Expiration	12
Expiration Date	February 16, 2008

====================================================================================

The deluge keeps coming. Microsoftie flexes some muscle and puts in a bid for Yahoo. With their megabucks, Google can now face some tough competition in the future, and a high flying stocks price is solely based on future earnings power. The puts are BANKING now but will we get a bargain hunting reversal starting tomorrow?

Google Inc (GOOG)

Feb 5th , 2008 Close

506.80 +11.37 +2.29%

Previous Close	506.80	Bid	504.50
Open	489.43	Bid Size	100
Day's High	509.00	Ask	515.00
Day's Low	488.52	Ask Size	100
Volume	11.20 Mil	52 Week High	747.24
Avg. Daily Vol. (13 wk.)	6.96 Mil	52 Week Low	437.00

Options:

0.60 unch
.GOOBP quote
Open	NA	Open Interest	5,622
Bid	NA	Previous Close	0.600
Bid Size	NA	Volume	NA
Ask	NA	Day's High	NA
Ask Size	NA	Day's Low	NA
Strike Price	580.000	Days Until Expiration	10
Expiration Date	February 16, 2008

===================================================================================

0.40 unch
.GOOBT quote
Open	NA	Open Interest	8,984
Bid	NA	Previous Close	0.400
Bid Size	NA	Volume	NA
Ask	NA	Day's High	NA
Ask Size	NA	Day's Low	NA
Strike Price	600.000	Days Until Expiration	10
Expiration Date	February 16, 2008

====================================================================================

0.20 unch
.GOOBD quote
Open	NA	Open Interest	6,869
Bid	NA	Previous Close	0.200
Bid Size	NA	Volume	NA
Ask	NA	Day's High	NA
Ask Size	NA	Day's Low	NA
Strike Price	620.000	Days Until Expiration	10
Expiration Date	February 16, 2008

====================================================================================

0.05 unch
.GOQBT quote
Open	NA	Open Interest	9,372
Bid	NA	Previous Close	0.050
Bid Size	NA	Volume	NA
Ask	NA	Day's High	NA
Ask Size	NA	Day's Low	NA
Strike Price	700.000	Days Until Expiration	10
Expiration Date	February 16, 2008

====================================================================================

Coming back to life on a big Dow down day? Hmm, could be a buying opportunity of just some profit taking stepping in on the put side.

Google Inc (GOOG)

Feb 6th , 2008 Close

501.71 -5.09 -1.00%
After Hours: 495.00 -6.71 / -1.34% Vol. 77,733
Previous Close	506.80	Bid	494.25
Open	511.14	Bid Size	100
Day's High	511.17	Ask	496.50
Day's Low	497.93	Ask Size	200
Volume	7.64 Mil	52 Week High	747.24
Avg. Daily Vol. (13 wk.)	7.00 Mil	52 Week Low	437.00

Options:

===================================================================================

0.35 -0.25 -41.67%
GOOBP quote
Open	0.550	Open Interest	5,385
Bid	0.350	Previous Close	0.600
Bid Size	45	Volume	388
Ask	0.400	Day's High	0.600
Ask Size	14	Day's Low	0.350
Strike Price	580.000	Days Until Expiration	10
Expiration Date	February 16, 2008

===================================================================================

0.25 -0.15 -37.50%
.GOOBT quote
Open	0.400	Open Interest	9,340
Bid	0.200	Previous Close	0.400
Bid Size	28	Volume	242
Ask	0.250	Day's High	0.400
Ask Size	41	Day's Low	0.200
Strike Price	600.000	Days Until Expiration	10
Expiration Date	February 16, 2008

===================================================================================

0.15 -0.05 -25.00%
.GOOBD quote
Open	0.150	Open Interest	6,981
Bid	0.100	Previous Close	0.200
Bid Size	96	Volume	112
Ask	0.150	Day's High	0.250
Ask Size	36	Day's Low	0.090
Strike Price	620.000	Days Until Expiration	10
Expiration Date	February 16, 2008

===================================================================================

0.05 unch
.GOQBT quote
Open	0.050	Open Interest	9,380
Bid	NA	Previous Close	0.050
Bid Size	NA	Volume	38
Ask	0.050	Day's High	0.050
Ask Size	159	Day's Low	0.050
Strike Price	700.000	Days Until Expiration	10
Expiration Date	February 16, 2008

sellers step back in as more selling pressure hits the markets. The big loser today was the CME which dropped over $100 bucks today! WOW - The DOTM puts banked today!

Google Inc (GOOG)

Feb 7th , 2008 Close

504.95 +3.24 +0.65%
After Hours: 505.05 +0.10 / +0.02% Vol. 923
Previous Close	501.71	Bid	505.03
Open	496.86	Bid Size	100
Day's High	514.19	Ask	505.99
Day's Low	494.76	Ask Size	100
Volume	7.93 Mil	52 Week High	747.24
Avg. Daily Vol. (13 wk.)	6.99 Mil	52 Week Low	437.00

Options:

====================================================================================

0.30 -0.05 -14.29%
.GOOBP quote
Open	0.350	Open Interest	5,315
Bid	0.150	Previous Close	0.350
Bid Size	62	Volume	299
Ask	0.250	Day's High	0.400
Ask Size	20	Day's Low	0.150
Strike Price	580.000	Days Until Expiration	9
Expiration Date	February 16, 2008

===================================================================================

0.10 -0.15 -60.00%
.GOOBT quote
Open	0.200	Open Interest	9,367
Bid	0.100	Previous Close	0.250
Bid Size	190	Volume	688
Ask	0.200	Day's High	0.250
Ask Size	75	Day's Low	0.100
Strike Price	600.000	Days Until Expiration	9
Expiration Date	February 16, 2008

==================================================================================

0.10 -0.05 -33.33%
.GOOBD quote
Open	0.100	Open Interest	6,949
Bid	0.050	Previous Close	0.150
Bid Size	925	Volume	82
Ask	0.100	Day's High	0.150
Ask Size	7	Day's Low	0.050
Strike Price	620.000	Days Until Expiration	9
Expiration Date	February 16, 2008

===================================================================================

0.03 -0.02 -40.00%
.GOQBT quote
Open	0.030	Open Interest	9,348
Bid	NA	Previous Close	0.050
Bid Size	NA	Volume	4
Ask	0.050	Day's High	0.030
Ask Size	731	Day's Low	0.030
Strike Price	700.000	Days Until Expiration	9
Expiration Date	February 16, 2008

Bouncing around at the $500 support area but with very little conviction. Notice the large swings in the opitons prices intra-day. As I said in my commentary, you have to have an iron stomach when you play options, even if they are in the money.

Google Inc (GOOG)

Feb 8th , 2008 Close

516.69 +11.74 +2.32%
After Hours: 516.69 unch / unch Vol. 58,253
Previous Close	504.95	Bid	516.10
Open	509.41	Bid Size	500
Day's High	517.73	Ask	516.80
Day's Low	508.70	Ask Size	200
Volume	6.83 Mil	52 Week High	747.24
Avg. Daily Vol. (13 wk.)	6.85 Mil	52 Week Low	437.00

Options:

0.15 -0.15 -50.00%
.GOOBP quote
Open	0.250	Open Interest	5,290
Bid	0.150	Previous Close	0.300
Bid Size	28	Volume	1,194
Ask	0.200	Day's High	0.300
Ask Size	114	Day's Low	0.100
Strike Price	580.000	Days Until Expiration	8
Expiration Date	February 16, 2008

0.10 unch
.GOOBT quote
Open	0.100	Open Interest	9,372
Bid	0.050	Previous Close	0.100
Bid Size	963	Volume	620
Ask	0.100	Day's High	0.150
Ask Size	2	Day's Low	0.050
Strike Price	600.000	Days Until Expiration	8
Expiration Date	February 16, 2008

0.10 unch
.GOOBD quote
Open	0.050	Open Interest	6,984
Bid	0.050	Previous Close	0.100
Bid Size	657	Volume	97
Ask	0.100	Day's High	0.130
Ask Size	68	Day's Low	0.050
Strike Price	620.000	Days Until Expiration	8
Expiration Date	February 16, 2008

0.03 unch
.GOQBT quote
Open	NA	Open Interest	9,344
Bid	NA	Previous Close	0.030
Bid Size	NA	Volume	NA
Ask	0.050	Day's High	NA
Ask Size	730	Day's Low	NA
Strike Price	700.000	Days Until Expiration	8
Expiration Date	February 16, 2008

Google moved on up today as the $500 support areas continues to hold ground. The stock closed near the highs of the day which could be a good thing heading into option expiration next week. Notice how all our call options are worthless and will most likely expire worthless.

Google Inc (GOOG)

Feb 11th , 2008 Close

521.16 +4.47 +0.87%
After Hours: 520.20 -0.96 / -0.18% Vol. 17,503
Previous Close	516.69	Bid	520.20
Open	520.52	Bid Size	100
Day's High	523.71	Ask	520.50
Day's Low	513.40	Ask Size	100
Volume	5.82 Mil	52 Week High	747.24
Avg. Daily Vol. (13 wk.)	6.78 Mil	52 Week Low	437.00

Options:

===================================================================================

0.15 unch
.GOOBP quote
Open	0.150	Open Interest	4,859
Bid	0.100	Previous Close	0.150
Bid Size	60	Volume	208
Ask	0.200	Day's High	0.200
Ask Size	81	Day's Low	0.050
Strike Price	580.000	Days Until Expiration	5
Expiration Date	February 16, 2008

====================================================================================

0.05 -0.05 -50.00%
.GOOBT quote
Open	0.150	Open Interest	9,194
Bid	0.050	Previous Close	0.100
Bid Size	842	Volume	210
Ask	0.100	Day's High	0.150
Ask Size	132	Day's Low	0.050
Strike Price	600.000	Days Until Expiration	5
Expiration Date	February 16, 2008

===================================================================================

0.05 -0.05 -50.00%
.GOOBD quote
Open	0.050	Open Interest	6,898
Bid	0.050	Previous Close	0.100
Bid Size	690	Volume	152
Ask	0.100	Day's High	0.100
Ask Size	98	Day's Low	0.050
Strike Price	620.000	Days Until Expiration	5
Expiration Date	February 16, 2008

===================================================================================

0.03 unch
.GOQBT quote
Open	0.050	Open Interest	9,344
Bid	NA	Previous Close	0.030
Bid Size	NA	Volume	11
Ask	0.050	Day's High	0.050
Ask Size	770	Day's Low	0.030
Strike Price	700.000	Days Until Expiration	5
Expiration Date	February 16, 2008

===================================================================================

Nothing going on today. It's shaping up to be a very boring expiration week but anything can happen so time will tell as we watch the action develop.

Google Inc (GOOG)

Feb 12th , 2008 Close

518.09 -3.07 -0.59%
After Hours: 517.75 -0.34 / -0.07% Vol. 7,537
Previous Close	521.16	Bid	517.02
Open	523.39	Bid Size	400
Day's High	530.60	Ask	517.75
Day's Low	513.03	Ask Size	200
Volume	6.66 Mil	52 Week High	747.24
Avg. Daily Vol. (13 wk.)	6.70 Mil	52 Week Low	437.00

===================================================================================

0.10 -0.05 -33.33%
.GOOBP quote
Open	0.150	Open Interest	4,901
Bid	0.050	Previous Close	0.150
Bid Size	627	Volume	472
Ask	0.100	Day's High	0.200
Ask Size	57	Day's Low	0.050
Strike Price	580.000	Days Until Expiration	4
Expiration Date	February 16, 2008

===================================================================================

0.05 unch
.GOOBT quote
Open	0.050	Open Interest	9,093
Bid	0.050	Previous Close	0.050
Bid Size	20	Volume	388
Ask	0.100	Day's High	0.100
Ask Size	725	Day's Low	0.050
Strike Price	600.000	Days Until Expiration	4
Expiration Date	February 16, 2008

===================================================================================

0.05 unch
.GOOBD quote
Open	0.050	Open Interest	6,891
Bid	NA	Previous Close	0.050
Bid Size	NA	Volume	155
Ask	0.100	Day's High	0.050
Ask Size	13	Day's Low	0.050
Strike Price	620.000	Days Until Expiration	4
Expiration Date	February 16, 2008

===================================================================================

0.05 +0.02 +66.67%
.GOQBT quote
Open	0.050	Open Interest	9,343
Bid	NA	Previous Close	0.030
Bid Size	NA	Volume	1
Ask	0.050	Day's High	0.050
Ask Size	1,337	Day's Low	0.050
Strike Price	700.000	Days Until Expiration	4
Expiration Date	February 16, 2008

=====================================================================================

Slipping into expiration and these calls will be expiring worthless.

Google Inc (GOOG)

Feb 13th , 2008 Close

534.62 +16.53 +3.19%
After Hours: 543.00 +8.38 / +1.57% Vol. 335,244
Previous Close	518.09	Bid	540.70
Open	522.50	Bid Size	100
Day's High	534.99	Ask	543.99
Day's Low	518.69	Ask Size	100
Volume	6.63 Mil	52 Week High	747.24
Avg. Daily Vol. (13 wk.)	6.68 Mil	52 Week Low	437.00

Options:

=====================================================================================

0.05 -0.05 -50.00%
.GOOBP quote
Open	0.050	Open Interest	4,811
Bid	NA	Previous Close	0.100
Bid Size	NA	Volume	164
Ask	0.050	Day's High	0.100
Ask Size	68	Day's Low	0.050
Strike Price	580.000	Days Until Expiration	3
Expiration Date	February 16, 2008

=====================================================================================

0.05 unch
.GOOBT quote
Open	0.100	Open Interest	8,998
Bid	NA	Previous Close	0.050
Bid Size	NA	Volume	326
Ask	0.050	Day's High	0.100
Ask Size	203	Day's Low	0.050
Strike Price	600.000	Days Until Expiration	3
Expiration Date	February 16, 200

=====================================================================================

0.05 unch
.GOOBD quote
Open	0.050	Open Interest	6,763
Bid	NA	Previous Close	0.050
Bid Size	NA	Volume	48
Ask	0.050	Day's High	0.050
Ask Size	162	Day's Low	0.050
Strike Price	620.000	Days Until Expiration	3
Expiration Date	February 16, 2008

=====================================================================================

0.05 unch
.GOQBT quote
Open	0.050	Open Interest	9,334
Bid	NA	Previous Close	0.050
Bid Size	NA	Volume	7
Ask	0.050	Day's High	0.050
Ask Size	1,642	Day's Low	0.050
Strike Price	700.000	Days Until Expiration	3
Expiration Date	February 16, 2008

=====================================================================================

A nice relief rally in the markets lifted Google but it's not going to be enough to even bring the 580 calls back to life.

Google Inc (GOOG)

Feb 14th , 2008 Close

532.25 -2.37 -0.44%
After Hours: 532.75 +0.50 / +0.09% Vol. 1,808
Previous Close	534.62	Bid	532.50
Open	538.35	Bid Size	200
Day's High	541.04	Ask	533.49
Day's Low	531.00	Ask Size	500
Volume	6.48 Mil	52 Week High	747.24
Avg. Daily Vol. (13 wk.)	6.65 Mil	52 Week Low	437.00

Options:

0.05 unch
.GOOBP quote
Open	0.050	Open Interest	4,753
Bid	NA	Previous Close	0.050
Bid Size	NA	Volume	139
Ask	0.050	Day's High	0.100
Ask Size	166	Day's Low	0.010
Strike Price	580.000	Days Until Expiration	2
Expiration Date	February 16, 2008

====================================================================================

0.05 unch
.GOOBT quote
Open	0.050	Open Interest	9,105
Bid	NA	Previous Close	0.050
Bid Size	NA	Volume	6
Ask	0.050	Day's High	0.050
Ask Size	280	Day's Low	0.050
Strike Price	600.000	Days Until Expiration	2
Expiration Date	February 16, 2008

====================================================================================

0.05 unch
.GOOBD quote
Open	0.010	Open Interest	6,733
Bid	NA	Previous Close	0.050
Bid Size	NA	Volume	15
Ask	0.050	Day's High	0.050
Ask Size	208	Day's Low	0.010
Strike Price	620.000	Days Until Expiration	2
Expiration Date	February 16, 2008

====================================================================================

0.05 unch
.GOQBT quote
Open	NA	Open Interest	9,334
Bid	NA	Previous Close	0.050
Bid Size	NA	Volume	NA
Ask	0.050	Day's High	NA
Ask Size	1,373	Day's Low	NA
Strike Price	700.000	Days Until Expiration	2
Expiration Date	February 16, 2008

====================================================================================

No follow through on the day which says this party is OVER for expiration tomorrow.

Google Inc (GOOG)

Feb 15th , 2008 Close OPTION EXPIRATION DAY

529.64 -2.61 -0.49%
After Hours: 530.20 +0.56 / +0.11% Vol. 7,530
Previous Close	532.25	Bid	520.50
Open	528.31	Bid Size	100
Day's High	532.66	Ask	535.00
Day's Low	524.33	Ask Size	100
Volume	5.24 Mil	52 Week High	747.24
Avg. Daily Vol. (13 wk.)	6.58 Mil	52 Week Low	437.00

Options:

====================================================================================

0.05 unch
.GOOBP quote
Open	0.050	Open Interest	4,743
Bid	NA	Previous Close	0.050
Bid Size	NA	Volume	9
Ask	0.050	Day's High	0.050
Ask Size	455	Day's Low	0.050
Strike Price	580.000	Days Until Expiration	0
Expiration Date	February 16, 2008

====================================================================================

0.01 -0.04 -80.00%
.GOOBT quote
Open	0.050	Open Interest	9,099
Bid	NA	Previous Close	0.050
Bid Size	NA	Volume	6
Ask	0.050	Day's High	0.050
Ask Size	648	Day's Low	0.010
Strike Price	600.000	Days Until Expiration	0
Expiration Date	February 16, 2008

====================================================================================

0.01 -0.04 -80.00%
.GOOBD quote
Open	0.010	Open Interest	6,728
Bid	NA	Previous Close	0.050
Bid Size	NA	Volume	3
Ask	0.050	Day's High	0.010
Ask Size	571	Day's Low	0.010
Strike Price	620.000	Days Until Expiration	0
Expiration Date	February 16, 2008

====================================================================================

0.05 unch
.GOQBT quote
Open	NA	Open Interest	9,334
Bid	NA	Previous Close	0.050
Bid Size	NA	Volume	NA
Ask	0.050	Day's High	NA
Ask Size	1,488	Day's Low	NA
Strike Price	700.000	Days Until Expiration	0
Expiration Date	February 16, 2008

====================================================================================

As predicted, all of the call options expired worthless! Notice the massive amount of open interest in each of them. That is the dumb money hoping Google would pull a miracle out of the hat and somehow rally back to profitability!

Profits Up!

Frank

The donFranko

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