At least Google (GOOG) isn’t blaming its disappointing earnings report on global warming, the weather or even oil prices.

Instead, Google says in this report by Reuters that it didn’t earn as much interest income as expected because it spent some $3.5 billion on an acquisition, and hedging currencies cost more than expected.

Thus, the 8% drop in GOOG’s stock price in extended hours trading after the company announced its results was all a big mistake, according to at least one analyst.

If so, GOOG may go up Friday instead of sinking on the news that its earnings only rose 35% from a year ago.

But its charts, which are shown here, are all bearish, and maybe the stock will reach its bearish price objective of $465 after all. The stock closed Friday at $533.44. In after hours trading, it fell to $492, well below its all time high of $741.79 per share. Prior to the earnings announcement, Morningstar.com said GOOG’s fair value is an estimated $625 and gave the stock three of a possible five stars.

What matters for GOOG is what happens to consumer spending. If consumers reduce their spending, advertisers will cut back on their ad spending on Google and in the print and broadcast media. But a drop in oil prices could cut gas prices and give consumers more confidence about the economy. This would help Google.

So speculators should keep close eyes on department store sales, new car sales and what they and their neighbors are buying or not buying.

Analysts don’t think Google’s prospects will be well known for several months. The economic outlook is pretty uncertain.

I don’t own GOOG but my investment club does.

For educational purposes only. Investigate before you speculate.