Google (GOOG) reported last night and, for those too obsessed with the EU to notice, the numbers were huge. The company reported non-GAAP of $9.72, a buck ahead of the Street, on revenue growth that was a staggering 37% above last year's third quarter. More importantly, Google kicked arse in emerging markets and mobile, justifying its pending $12.5B purchase of Motorola Mobility (MMI) and allaying fears that weakness in emerging markets would sink search.

It was Google's performance internationally that most impressed Jon Najarian, co-founder of tradeMONSTER.com. Describing Goog's quarter as "phenomenal," Najarian sees the company's global growth as evidence of its ability to monetize products other than search. With revenues in mobile picking up, and MMI's patents presumably securing Android's future, Najarian says Goog remains a buy despite the gap higher that's being digested as I type.

Google isn't the only company getting giddy over mobile. Najarian is going retro by playing the chip space via Cypress (CY), Intel (INTC) and Triquent (TQNT). The latter was up a staggering 24% yesterday after a couple of "smart guys… broke open an iPhone 4S and found two TriQuint chips inside," according to Najarian.

Just when it looked like we might be able to string together an entire week without being hit with a sentiment setback from Europe, and S&P goes and kicks the bees nest with a caustically worded downgrade of Spain.

Fortunately, markets pay little attention to belated ratings agency actions anymore, but the move still stands as a not so subtle reminder that much work needs to be done to eradicate the psychological grime that is soiling investor sentiment. As Doug Kass sees it, it is the sum of the problems, the totality of headwinds from all corners of the world, that will keep this market trapped within its ranges.

"There are so many structural issues that face our domestic economy," the president and founder of Seabreeze Partners Management says. "The Eurozone, issues about whether China is going to have a hard or soft landing, they all impact valuations."

While investors appear to be pinning their hopes du jour on the belief that G20 talks in Paris will move the region closer to finding a funding solution for the debt crisis that threatens its biggest banks, it is fair to say that Kass has been underwhelmed by what has been offered up so far.