Information received since the Federal Open Market Committee met in March indicates that the labor market remains strong and that economic activity rose at a solid rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Growth of household spending and business fixed investment slowed in the first quarter. On a 12-month basis, overall inflation and inflation for items other than food and energy have declined and are running below 2 percent. On balance, market-based measures of inflation compensation have remained low in recent months, and survey-based measures of longer-term inflation expectations are little changed.

Google (GOOG) is getting flat out bushwhacked today, following yesterday afternoon's earnings report. 

If you bought calls or stock straight up, it is a blood bath for you (again, this is a perfect example of why you don't hold trades through earnings). 

So where does it go from here? Well, check out my chart and its key levels and trends:

It is important to note that the rising channel that it had been trading in since the December lows form last year, has officially been broken. However, since this chart has been made, Google (GOOGL) has made a mild attempt to reclaim the 50-day moving average and for now, it is hovering right over it. 

The bigger key going forward, is if the bulls can avoid making a "lower-low" on the chart. If it can't avoid that, then the bullish momentum will have burned out, and likely to go to $1,100/share. 

If you are wanting to play the bounce, I'd say hold off that today, wait for Apple (AAPL) to report its earnings, and if it shows any signs of stabilizing tomorrow, then it might be worth getting long on. 

The problem with buying the dip right after earnings, and not waiting a day or two first, is that most stocks of late, when they disappoint on the earnings front, there is another 1-2 days of selling that hits the stock right afterwards. So I think it is much better to hold off any aggressive buying of Google until near the end of the week. 

Happy Trading!

Earnings season is the toughest and most difficult time in the stock market for traders and investors alike. There are so many companies reporting earnings, and so many of them that miss analyst estimates or cut guidance that it creates a huge loss for the trader holding the stock. In my video, I am going to go over my secrets to getting through earnings season without taking on massive losses.