Jim Cramer Blog

Google's earnings rise 60%. Who would have thought. After the disappointment last quarter, it was imperative that this company hit reasonable targets, and in this case, exceed them. Now, here's the play. The stock was up $32 a share in the after market. It will be up that much in the regular trading session, but it will pull back. When you see resistance beginning to show, short GOOG. The pull back will last about an hour, and when you see the resistance at the bottom, cover your short, and push the money from that sale into the option market. The best play will be semi-deep into the money calls. Look two-three months out. This stock is now a long term play.