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Can Google Break through in this wild Market

|Includes: Alphabet Inc. (GOOG), NFLX, SPY

With Negative News of Several Hundred Gmail accounts in an apparent Hacking attack  to Schmidt's acceptance of Google's failed attempt to partner with Facebook, Google is hosting their Annual ShareHolders Meeting tomorrow evening.

While weekly Calls have became popular today in today's market broad sell off after optimism expressed by Barclays on U.S. Internet industry and giving "Overweight" ratings to Google and Netflix. Most Active were 530,535 calls while In the Money 525 calls were traded more than Open Interest as well .

Not Surprisingly, Looking at YTD chart and 1 year chart, It is testing 20 Day MVA of 528.48.

Should it close above tomorrow above 528.48 by Friday evening, it should be considered a short term break out and would have support around 544 which is not far from 50 day MVA of 547.70.

If it does break out about 528.48, consider buying 530-550 call spread for about 8.50.