As Google (GOOG) brushes up against it's all-time high of just under $230 a share this morning, investors should avoid taking profits just yet. The next catalyst for Google, which could send it to $250, might be its addition to the S&P 500 index.

It's difficult to know for sure when the company will be added, but there are 4 reasons to believe it will be sooner rather than later. Google's sheer size (not to mention its performance) makes it a prime candidate to be one of the next technology-related companies added to the benchmark index. There are currently 4 pending mergers that should close in the next 6 months, with several possible in the next couple of months.

AT&T (T), Nextel (NXTL), Sungard Data (SDS), and Veritas (VRTS) are all current S&P 500 components and are set to be bought out shortly. Google would be a logical fit to replace one of them, most likely Sungard or Veritas. Such an announcement could very well give the shares another boost before the company reports their Q2 earnings in July.

Regardless of when the S&P 500 addition occurs, the stock should gain ground on the news given how many shares various index funds would have to purchase, based on Google's current market cap of $63 billion.

Other news:

The stock's price action certainly seems to indicate that Delta (DAL) will be the next Chapter 11 casualty in the airline industry. The shares have plummeted from $3.50 to $2.50 since yesterday's earnings warning. They continue to have NO oil price hedges in place for the remainder of the year and beyond. Brilliant.