Eleventh-Hour Bulls Circle Google Inc. (GOOGL)

Google Inc (NASDAQ:GOOGL) is 1.5% higher at $555.65, as traders applaud a handful of new initiatives and partnerships for the search titan. What's more, option players are rolling the dice on even more upside by the end of the week, with intraday call volume running at twice the norm.

It appears last-minute bulls are buying to open the weekly 2/27 550- and 552.50-strike calls. By purchasing the contracts to open, the buyers expect GOOGL to extend its advance north of the strikes through tomorrow's close -- which could encompass a big-time net neutrality ruling -- when the contracts expire.

Today's appetite for GOOGL calls echoes the trend seen on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), where traders have bought to open more than twice as many GOOGL calls as puts during the past two weeks. Echoing that, the stock's Schaeffer's put/call open interest ratio (SOIR) of 0.87 indicates that calls outnumber puts among options expiring within three months.

Technically speaking, GOOGL is up 4.7% year-to-date, but is staring up at its formerly supportive 40-week moving average, which has stifled rebound attempts since mid-October. Off the charts, Google Inc (NASDAQ:GOOGL) has been making headlines, announcing partnerships with BlackBerry Ltd (NASDAQ:BBRY) and SolarCity Corp (NASDAQ:SCTY) (and is allegedly considering a "strategic investment" in Jawbone), and will reportedly unveil plans for new U.S. headquarters and combine two European divisions to combat regulations.