After the close of trading on Wednesday, January 31, Google (GOOG:NASDAQ) announces its Q4 earnings. According to Briefing.com, Reuters is looking for $2.90 per share versus $1.54 a year ago. That's an 88% increase from last year.

As you know from my coverage on Yahoo! (YHOO:NASDAQ), the latest trends point to a big jump in Internet advertising spending. In fact, some are already saying that spending has increased 20% from last year -- getting as high as $20 billion. And that continues to point to eye-popping numbers from GOOG, the No.1-ranked Internet search engine.

Whether it's Internet search ads, text ads, or sponsored Web links, the experts are saying that GOOG grew its Internet search market beyond 45% in December. If that's true, then GOOG would own twice the market share of Yahoo!.

And if Yahoo!, the No. 2 site, can report a 13% gain in sales, then it would appear that GOOG is once again set to blow the numbers out of the water.

Of course, there is a side of me that thinks that investors are getting way too comfortable with GOOG reporting blowout after blowout, and it's only a matter of time before expectations come down to earth. But then again, GOOG is truly on a remarkable run -- one for the ages -- and it's tough to bet against a stock with so much momentum.

Chart-wise, the stock has formed a double top at the $512 level, which could serve as a make-or-break point for GOOG. So let's watch how it trades tomorrow -- as we lead into Wednesday's after-market announcement -- to get a handle on which way investors will push the stock come Thursday morning.