The max pain level for GOOG is $440 for the upcoming August expiration.
On a day when Nasdaq is up more than 1% and most of the big tech names are up 2 to 3%, GOOG has spent most of the day in red and has budged a few cents only. This is more evidence that GOOG is getting pinned to $440 and not $450 (although I am sure that MMs will flirt with $450 to suck in more bag holders)
As of Monday Aug 17, 2009 4:15PM ET, these levels are:
AAPL – $155
RIMM – $75
GS – $155
QQQQ – $38 (massive massive OI in puts at $38 level)
IWM – $53 –> difficult to see this happening
SPY – $98
GOOG – $440
DISCLAIMER: I own position in AAPL which is in significant loss, which could alter the way I think where AAPL is headed.
EDIT: I had mistakenly said that AAPL will gap down below $140. Someone in the comments pointed this out asking how and why did I think so. I meant to say $141. I have added a 20day chart of AAPL that shows that $140.5 – $141.5 is a key level for AAPL. My thesis is a big gap down on Monday, which requires AAPL should open below this key level (AAPL being a big component of NQ).
Here are a bunch of charts with some annotation which should be self-explanatory. Some love shared right at the top of this page will be greatly appreciated 
At options expiration, Google usually expires at multiples of 50. I can’t see it go up to $450. Nor do I see it go down to $350. $400 seems to be the most likely price. I break even if Google expires between $391.25 and $408.75 (a $17.5 range). The maximum profit is $875 if GOOG expires at $400. So a reward:risk of 7:1
No stops here. I am trading this with money I can afford to lose.
