GOOG Strangles. Anyone else play GOOG weekly strangles? I've been playing those and as long as it moves 5 bucks, you make some profit if you buy it at the end of the day (10 minutes before closing) Mon - Fri for current week's expiry. Mon - Wed, if it does not move more than a couple bucks, you can break even or incur a small loss. Buy the Friday's expiry Thursday about 10 minutes before close making sure both sides are at or in the money because if it doesn't move on Friday, you can lose big. HOWEVER, historically, GOOG moves at least 6 bucks on Fridays due to options expiry.
Fri - Wed, you don't want to pay more than 1100 for a set as you have some time value. Thurs before close, don't pay more than 700 per set.
GOOG reports on July 28th. Should move a lot between now and then... either direction. The ultimate "reactive" options strategy, IMO.
