While the S&P 500 is in the midst of having a semi-predictable bounce back to the 1150 to 1175 area, Google ( GOOG) is struggling to keep up. If GOOG was keeping pace with the S&P 500 right now, it would be trading at $519, to match the S&Ps Wednesday settlement price of 1135. Where is GOOG trading? At a paltry $504.70. This means that if the S&P can drum up enough buying and short covering to drive it into the 1150 to 1175 zone that might drum up enough buying in GOOG to drag it kicking and screaming back to the $520 level.

In this market, a stock is either leading, tracking, or lagging. GOOG is doing a great job of leading . . . on the downside, and is clearly lagging on the upside. It is these types of candidates that make the most attractive shorting positions when the overall stock market appears to be running out of gas.

Let's take a look at the T3/OP video with Jill and Scott as they review multiple levels in GOOG:

On our chart we have the TTM Squeeze indicator, which fired off a short signal on September 30. This signal is still valid, signaling additional downside pressure in this stock, and making any rally an even more attractive shorting opportunity. The reversion to the mean level is a basic 13 period exponential moving average. And at that level I'll be waiting, like a cat, to buy the October monthly 530 put options.

On Wednesday, October 19 at 6:00 p.m. EDT, TheStreet's Options Profits is hosting a webinar featuring Fred Ruffy of WhatsTrading.com. Join Fred as he outlines how to look at the "big picture", drill down into the sectors and ultimately find the individual options trade. Utilizing specific trade examples and case studies, Fred will show you how to select simple and advanced options plays. The back half of the webinar will include an interactive, exciting Q&A session.

Please email: jill.malandrino@thestreet.com to secure a slot for the webinar as space is limited and for the link to the presentation. If you have already RSVPd, thereis NO NEED to send another email, a spot has been reserved.

Click here for a 14-day free trial to Options Profits

OptionsProfits can be followed on Twitter at twitter.com/OptionsProfits