And there you have it, Google’s held the 12% move and is trading just under $600 today.  Those calls that we bought back when we wrote this:

I just bought some slightly out-of-the-money Google calls…JUNE 17, 2011 BY CODY WILLARD

Google’s down 3% on the day and it’s another one that has the bulls writhing in pain just now.  But then again, looking out six months, this company has some huge growth ahead of it, is trading much cheaper than the broader markets and has tons of loaded ammo behind it as its a favorite of the tech shorts once again.   And on that note, I also just bought some slightly out-of-the-money Google calls with expiries six months out adding to an existing position.  Stick with the play book, stay disclined. Especially when it’s painful.

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That’s one of the reasons we have a playbook.  To keep us disciplined in times of pain.  Playbooks help us avoid letting our emotions dictate our trades, rather they put some of the decision-making process ahead of the timing of those emotions.

Anyway, it’s time to do some selling of some of the now hugely outsized position we’ve got in Google.  Those calls are now up several hundred percent and we’re up nicely in the common stock position too.   With those calls now having kicked in, they have made Google by far our biggest position now.

So here’s what I’m doing —  I’m selling about half my common stock and I’m working on selling about 1/5 or so of my calls.

This will leave Google as my largest position still and I’ve still got upside leverage from here with some of these calls so I might be looking to sell another tranche of the calls next week.

Simple portfolio maintenance at this point.  The hard work was buying the calls.