An Evening Observation

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Greetings from the pleasantly chilly corner of the Los Altos, California Starbucks on Main Street.

I was watching the GOOG earnings after the close, and I was mightily impressed with the price action. That sucker shot up over $50! My hat is off to whoever loaded up on October calls! Zowie!

But here's the interesting thing: GOOG is one of the biggest, most respected corporations in the U.S., and it just produced earnings that sent its market cap soaring. The /ES, naturally, rose as well. Up 2 1/2. Then up 1 3/4. Then up 1. Then up 1/2. Then flat. Then down 1. And, as I'm typing this, down 2.

This is not an impressive showing. Now, I don't want to read too much into this, because we've got Shalom Chairman Bernanke giving a speech tomorrow morning outlining bold new ideas on how to destroy the United States dollar. All the same, when oh-my-God earnings can't move the general market higher, that's an interesting sign.

Speaking of signs ,I took a snapshot of this one during my travels last month to Slopefest East. I hereby nominate this as one of the worst retail names I've ever encountered.