Alphabet Inc. (GOOG) stock has been treading water for the past month. This is despite clear indications that GOOG stock is undervalued based on its strong free cash flow (FCF). This is ideal for existing investors to create income by shorting out-of-the-money puts. GOOG closed at $167.43 per share on Friday, Aug., about flat with the price on July 26 of $168.68, a month ago. It is only slightly lower since releasing its Q2 results on July 23 (closing the next day at $174.37). This article will show how you can take advantage of this lull, especially if you are already a shareholder in GOOG st…