If you want to rade options, hedge your bets by buying or delling spreads. Do so with options on an index like DIA (1% of the DOW). There are strikes $1 apart. Only trade when you're willing to bet your life on it, and don't trade "willy-nilly". Trading options with GOOG as the underlying is foolish. Too much hysteria as traders trip over their feet like it's 1999 all over again.
btw: my last trade was a bull put spread with the DIA Oct Long150/Short 149 puts. Made $1200 on 20 contracts.by taking advantage of the panic selling due to the debt limit. I didn't even have to pay OpEx a commission last Friday, since the spread expired worthless. I'll probably have to wait weeks until my next trade. You DON'T want to make daytrading your full time job! Good luck!
You need GOOG to pull back to $1015 range today, which is very likely. Then you need for AMZN and MSFT to tank their earnings today, after the market closes (which is also very likely). So you have a chance to recover the .50 at tomorrows open if these two factors occur.
these puts will expire worthless and all the money you put into this lottery ticket will be worth nothing. buying options is just like buying lottery tickets unless you hedged which i doubt otherwise you wouldnt ask a silly question.