The way I see it, were only in the 3rd wave of the $GOOG supercycle, printing wave 5 of the uptrend leg. 994s mark the 2.618 from the I to II correction.
The daily is above all moving averages, printing near all time highs again. Has the bull flag breakout look nearing an all time high test. RSI at 63, Williams %R above the 50, and MACD recent bullish crossover. The trend is certainly up.
The above would be the volume and open interest on the weekly options expiring July 28. Here, the highest levels of open interest sit in the 980 calls and 970 puts. Still, twice the open interest on the 980 calls.
As a result of this theory, I like it for upside into earnings. Preferably, the 980 calls. We’ll see how they play.
As always, earnings plays are risky. The above mentioned is not investment advice, but notable market action. Invest at your own risk.