$GOOG

(Click chart to enlarge)

(Click chart to enlarge)

Google is up against two upper trendlines on the weekly chart.  Acted weak in early trading today, touching 817 and making a new low of the week. Most of the volume is coming in on the puts. Mar 16 820 puts had a volume of 8,523 (OI 3,753), Mar 16 820 calls had 6,662 contracts traded with 2,920 in open interest.  In further out expirations, the action remained the same.  Open interest in near the money puts outweigh the calls in Mar 22, Mar 28 and Apr 5.  Notice the full stochastics are in overbought territory with a reading of 91.33 and signaling a much larger pull back may be in the near future.  Disclosure: No position.

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