Reports after the close tonight. Analyst targets are sitting between $400 and $447, average around $425, which sounds bullish, but a target bump going into earnings is just an opinion the print hasn't tested yet.
What I'm actually weighing: IV rank is around 81, so the options market is pricing in a real move either way. Positioning looks long gamma into the event too, with a call wall near $400 and put wall/max pain both clustering around $330, which usually means dealer hedging dampens the swing rather than amplifying it.
No real directional lean, a binary event on the clock. I'm treating it as a volatility trade over the next couple of days rather than a bet on which way it breaks, collecting premium against a move that looks a bit rich relative to how contained the historical post earnings reaction has been.
Not selling anything, just thinking out loud. Curious how others here are sizing GOOG tonight, especially with the 2026 AI capex debate hanging over the cloud story.
