Wrong week to play with puts especially afte AAPL's perceived disappointiment. GOOG is priced for perfection by any technical measure but lagging funds will chase it right up to earnings announcement. Would wait another week or until it's well above 750 then take a shot that earnings disappoints or a "sell the news" happens.
She'll test the 760s easily tomorrow. As you pointed out hedge funds are chasing it... Also, stock is set to split 2-for-1 sometime later this month. I would definitely restraint from shorting or buying puts until at least that's out of the way. I think the funds want this priced somewhere around the 380 - 400 range following the split... Or in other words, 760 - 800 pre split.