Shares of Internet-search behemoth Google received a shot in the arm today when the company won approval from European regulators for its acquisition of DoubleClick. The go-ahead nod is seen as paving the way into the graphical display ad market for GOOG. The shares are up more than 5.5% on the news so far today.

Tomorrow could also be a positive day for Google, as TechCrunch is reporting that the company's YouTube division is set to make a big announcement tomorrow morning. Crunch is speculating that it could be anything from live-streaming or high-definition video to a partnership with Hulu, a joint online video venture between NBC Universal and News Corporation. On a side note, Hulu, which just announced the addition of new content from Warner Brothers Television Group, Lionsgate, NBA, NHL and twenty other content providers, is set to emerge from private Beta tomorrow.

Google shares could use a string of good luck, as the stock is off more than 40% year-to-date and continues to struggle with resistance at its declining 10-day and 20-day moving averages. The shares are even trading well below the 500 mark, which should prove to be quite a technical hurdle if the shares can muster the strength to overcome its short-term trendlines.

However, sentiment is far from supportive for any extended rally in GOOG shares. The stock's Schaeffer's put/call open interest ratio (SOIR) of 0.40 ranks below 99% of all those taken during the past year, indicating that optimism is just 1 percentage point shy of an annual low despite the stock's plunging price action. Furthermore, it seems that the stock's declining value has caught the eye of short sellers, as short interest for GOOG shot more than 25% higher during the most recent reporting period. While only 2.6% of the equity's float is sold short at the moment, a continuation of this trend from bearish investors could boost this figure while increasing selling pressure on the shares.