Google - A Bearish Take

$GOOGL

I don’t like the GOOGL 0.00%↑ price action heading into the October 22nd earnings report.

The stock was recently rejected at the AVWAP from Apri’s meaningful gap up. There are a couple of unfilled gaps below. The relative chart looks ugly as well -

It’s lagged the SPY 0.00%↑ since the start of July. Yes, if that stops here, it would be a higher low, which would be constructive. But I’m personally hands off on this one below the $170ish level. There are numerous ways to express this view via trades. I’m personally short via the leveraged GGLL 0.00%↑ ETF. This is a short timeframe trade given the 5/20 and MACD cross views that are currently showing on the daily chart. With implied volatility creeping up in advance of earnings, it’s possible I explore selling some call spreads against some of the overhead levels.