Google Earnings Rally Market After the Close

I expect Google to keep going up. I'm not suggesting anyone buy GOOG now, as it just rallied 5% in 5 minutes, but, would have been nice had you bought it at the end of August for $450. Better if you bought it for $250 in November 2008. Google is doing impressive stuff. Google will reach $700 again...

The Numbers and the News this Morning

A mixed bag of news this morning initiates a little selling in pre-market trading. Initial jobless claims come in higher than expected marking the first decline after six straight weeks of improvement. Continuing claims dropped significantly though that number may be slightly misleading as it likely reflects claims running out more so than people finding work.

Producer Price Index saw mixed numbers, but came in slightly better than expectations overall.

U.S. Trade gap widened by $3 Billion, much more than expected.

Overall the news this morning puts a slight negative bias on the market. On the ES, 1180-1181 continues to be resistance. Support at 1169-1171, 1164-1166, 1158-1160 and then down at the low 1150s.

Today could turn out to be a choppy day which will likely see trade down into the 1160s.