One-day wonder?

Morning News of Note:

• GOOG Color: Estimates and price tgts are raised across the board as Google blew away estimates... Piper raises their tgt to $445 from $365, saying Google delivered an amazingly strong performance in what was supposed to be a seasonally slow quarter, with a sequential growth in Google sites of almost 3x the broader market growth. Firm believes Google's momentum will continue for the foreseeable future as the co appears to understand the science of targeting and monetization better than any other Internet advertising co.
• Fund Flows: equity funds rptd net inflows $1.376bln, ex ETFs inflows $3m; domestic funds rptd outflows $1.034bln, fifth consecutive week, lgst since 1/26/05; ETF flows: IJR inflows $554m, EWJ inflows $494m, IWM inrlws $362m, IYR inflows $162m, XLE inflows $138m, IWV inflows $129m, EEM outflows ($369m), IGW outflows ($107m); taxable bond funds rptd outflows ($46m), ex ETFs outflows ($134m), HY bond funds rptd outflows ($255m); money mkt funds rptd inflows $9.022bln -- AMG Data
• SHLD: Sears investors itching for Lampert to let loose Investors thought they knew what Edward Lampert's game plan was at Sears Holdings Corp: Sell off hundreds, or thousands, of stores, auction non-core assets like Lands' End, tighten inventories and slash capital spending. In short, they expected the billionaire hedge fund operator to employ the same golden touch he had wielded as chairman of Kmart Holding Corp. (Full Story) Chicago Tribune
• US Economy: Fed Gov Lacker sees stable transition to Greenspan's succesor; energy price shocks no reason to ease policy; discounts notion that there is a housing bubble; inflation concerns now distinctly higher; Fed policy still accomodative; core prices drifted to higher end of comfor range (Thursday)

Market Comments: Yesterday's action felt worse than the previous day's big rally. Down days have that effect. If you're looking for a silver lining, I would point out the fact that the market avoided another distribution day, since volume was lower than Wednesday. Also, while the SPX gave up all of Wed. gains, the Nasdaq fell less, showing at least some relative outperformance.

Today, it's easy to get excited if you own GOOG or SNDK. Those two reported blowout quarters and are up big so far today. BRCM also reported a good quarter, but the stock is down. Now can someone please tell me when the energy complex is going to at least have a snapback rally?

long GOOG