Google (GOOG) releases their earnings after the bell tonight.  Below is a picture of Google in the last year.  Three out of the last four times they’ve reported, the stock has fallen after the report (the “E” labels are the dates earnings were released).  Given the recent run in Google, we probably shouldn’t expect anything else.  Implied volatility is somewhat elevated right now so buying puts on the stock to protect yourself might not be the best way to play it.  Perhaps if you own the stock look to sell out of the money calls.