Alphabet's Options Signal Bullish Bias: Key Strikes and Block Trades Point to $335 Target as Antitrust Risks Ease

Quick Take

• GOOGL surges 2.15% to $303.1, trading above its 30D MA but below the 200D MA
• Call open interest dominates at $335-$340 strikes, while puts cluster at $290
• Block trades show big money buying $260 calls this Friday
• Antitrust ruling creates structural risks but removes breakup threat

Here’s the core insight: Alphabet’s options market is painting a clear picture. Traders are loading up on calls above $330 while hedging with puts at $290. The block trades and technicals suggest a breakout attempt—but the antitrust cloud still lingers. Let’s break it down.What the Options Chain Reveals About Market Sentiment

The call/put open interest ratio (0.81) shows buyers still in control. But it’s the strike prices that tell the story. Calls at $335 (OI: 24,354) and $340 (OI: 17,528) expiring this Friday are brimming with interest—right at the upper Bollinger Band (331.94). That’s not a coincidence. Sellers are pricing in a push toward $350.

On the downside, puts at $290 (OI: 22,351) act like a safety net. It’s not panic, but it’s caution. The block trades add intrigue: 1,000 $260 calls were bought this Friday (GOOGL20251219C260), suggesting big players are hedging a pullback while eyeing the $300 psychological level.

The News That Could Make or Break This Setup

Alphabet’s antitrust woes just got a reprieve. The court ruling nixes forced breakups but bans exclusive search deals—a mixed bag. On one hand, no more existential threat to Chrome or Android. On the other, losing Apple’s default search deal could cost $10B+ annually. Yet the market’s pricing in resilience: the $330 call OI (16,167) suggests traders expect AI-driven growth to offset these losses.

Meanwhile, Alphabet’s $330M investment in AI startup Lovable reinforces its bet on generative AI. If Lovable’s no-code platform takes off, it could become a new revenue stream. But don’t ignore the risk—structural changes to search partnerships might slow innovation funding.

Actionable Trades for Today: Calls, Puts, and Precision Entries

For options players:

• Bullish play: Buy GOOGL20251219C335 if price breaks above $303.96 (intraday high). Target $310-$335.
• Bearish hedge: Buy GOOGL20251219P290 if price dips below $300. Protect against a test of 200D support at $162.57.

For stock traders:

• Entry near $303.1 if RSI (28.27) holds above oversold levels. First target: 30D MA at $302.59, then $310.
• Stop-loss below $299.23 (intraday low) to avoid a breakdown into $284 support.

Volatility on the Horizon

The next 72 hours will be critical. If GOOGL holds above $300, the $335 call OI could ignite a rally toward the Bollinger upper band. But a close below $299.23 would validate the bearish 看跌吞没 pattern. Either way, the block trades at $260 and $290 suggest smart money is bracing for a volatile finish to the week.

Final Take

Alphabet sits at a crossroads. The options market is pricing in a bullish breakout, but the antitrust ruling adds a layer of uncertainty. For traders, the key is to respect the $300 level while targeting the $335-$350 zone. This isn’t a one-way bet—it’s a calculated dance between AI optimism and regulatory reality.