With last night's thinking that GOOG is falling, I sold the calls first thing in the morning. I was in a panic to see GOOG down -$10 in the morning. As I sold the calls, I immediately bought puts and then seeing the stock move I sold some puts against it (to protect it) in case the stock moves up. In few minutes the stock did move up and turned green, that made me feel proud of covering myself from such a situation. But the next hr the stock started falling along with the rest of the mkt and ended down a record.
I did manage to do some thinking before selling the put. I bought Dec. put and sold Nov. one as that will expire in only one day. I thought of it as a sure thing, the OTM puts will be worth nothing tomorrow as I will benefit from any upward movement this week.
To my amazement however, the stock moved down hard ending -$20 for the day. The put I sold tripled in price while the one I bought only increased slightly. The stock's decline had an inverse affect on my spread strategy, as to what I had imagined.