With the introduction of its Nexus tablets and its glasses, Google ($GOOG) will have an abundance of fresh news in the next few months which will create trading opportunities.

This situation is appealing to us because the stock is statistically cheap against the Technology Select SPDR ($XLK) as you can see on the Spread Analyzer image displayed below. $GOOG is also cheap against Intel ($INTC) and the triple Qs ($QQQ), but we like the spread better against the XLK given the volatility of the spread. This vehicle will move quite a bit on fresh news and traders can take advantage of this by leaning on GOOG’s cheapness. You can look at the spread within the analyzer right here for more clarity. You can play around with the timeframe or run GOOG against any others stocks of your choosing. We are long GOOG against INTC, QQQ, and XLK.

Let us know what you think.

Written by Michael Bigger. Follow me on Twitter and StockTwits.