'RealMoney' Radio Recap: Accentuating the Negative

Yesterday's "pleasant" storm turned into today's "perfect" storm as stocks got rocked.

"It was the worst of all worlds with slowing growth and higher inflation reflected in today's data," Aaron Task, co-executive editor of TheStreet.com, told "RealMoney" radio show listeners Tuesday. Task is filling in for Cramer this week.

"People are focusing on the negatives as well as Google'sGOOG CFO's announcement about slower growth."

Task was referring to the three major economic reports released today -- existing home sales, Chicago PMI and consumer confidence, which were all weaker than expected.

Jonathan Berr, who covers Google for TheStreet.com, joined Task to comment on Google's stumble. He said that the CFO's comments were significant because Google does not normally offer financial guidance.

"It's the closest Wall Street is going to get to guidance," said Berr about the stock, which dropped as low as $338 a share today from yesterday's close of $392.65.

Task pointed out that the bullish case was that Google was still growing rapidly, but it was maturing, which is a natural occurrence. The bearish case, as defined by Task, was that the best days for Google are behind it.

Berr said that the rush of Wall Street analysts to defend their expensive price targets is not helping.

"Google gets loads of press based on just conjecture, so there is lots of hype in the stock. And that's being deflated right now," said Berr.

Layfield's Energy

Celebrity investor John Layfield joined Task today, but he did not offer an opinion on Google, which he describes as "too confusing to address without guidance."

Instead, Layfield commented on energy stocks, his specialty. He said he likes the land drillers, which should trade higher, considering the number of new rigs being added.