NEW YORK ( TheStreet) -- The major equity averages set new all-time highs or multi-year highs on Thursday as Fed Chief Bernanke continued his pledge to keep interest rates low and to buy $85 billion in U.S. Treasuries and mortgage-back securities monthly in what we call QE3 and QE4.It seemed like Fed policy would trump negative earnings reports, but did that change after the close on Thursday with negative earnings from an old technology company and a new technology giant? So far during second quarter earnings season when a company missed earnings estimates or offered cautious comments their stock would get a share price cut for a day or two. Companies that maintained their buy ratings post earnings would continue to have upside potential even after a negative reaction to earnings. Now that Bernanke comments are history, let's return our focus to the real news, earnings, starting with the past two days. Capital One Financial ( COF) ($67.05) beat estimates by 33 cents earning $2.07 per share in a report released after the close on Thursday. The stock traded up to $68.55 after-hours. My semiannual risky level is $78.87. This earning report is another example of how monetary policy helps the big banks but does not help the Main Street economy. Capital One has a hold rating and is 29.3% overvalued after gaining 22.2% over the last 12 months. Google ( GOOG) ($910.68) traded to an all time high at $928.00 on July 15 in anticipation of great earnings as Wall Street upped their price targets to $1,000. The stock missed estimates by $1.29 earning $7.75 per share and the stock slumped by 5.5% to $860.62 afterhours. Google also missed on the revenue line. The negative reaction pushed the stock below my semiannual pivots at $892.48 and $880.49. The high was a failed test of my quarterly and monthly pivots at $915.63 and $922.67. The 200-day simple moving average is $784.93. Google has a hold rating and is 29.8% overvalued after gaining 56.8% over the last 12 months going into this earnings report. ISRG) ($421.47) missed estimates by 15 cents earning $3.90 per share. The stock traded down 12.0% to $371.00 in after-hours trading. The stock is below all of my pivots with my annual pivot at $475.74. The stock has a buy rating and is 11.1% undervalued and is down 23.3% over the last 12 months going into this earnings report.