Time To Resell GOOG?

GOOG's SPX index entry seemed to have done the trick and put to sleep a lot of people who would have otherwise sold the stock in the mid-300s. I, for one, haven't changed my opinion and would be looking to resell GOOG, should it start to move a bit higher (3-5%). $425-$430 seems to be the level that most bears are thinking about. At first glance, it indeed looks like a nice one where GOOG stock realists can start re-initiating shorts.

Otherwise, the market refuses to go down (or up for that matter) ahead of the NFP numbers this Friday. I am in the "one more and done" Fed camp, so for what's it worth, I believe we are close to an inflexion point -- volatility across asset classes is about to explode... Just ask the FX dudes who were short eurusd gamma ahead of the eurodollar's recent upside breakout on good volume. Stay tuned.