*What's my view on big tech misses?

First off, quarter earning misses are kind of expected since big tech had reported job cuts and cost cutting through various means few months back. 1 or 2 QE misses doesn't bother me.

However as an investor, what bother me will be

1)Whether the businesses I invested in still have a wide economic moat? 

2)Will its business model remain sustainable? 

3)Can the business continue to churn in profit?

4)Can the business remain as a market leader?

5)Is there a permanent fundamental changes to its business? If yes, I will exit the business. For example, SPH and Starhub used to be a great business 20 years ago. Look at where they are now?

For me Apple, Amazon and Alphabet are still the same business I know before the earnings so nothing has changed.

However if I'm a trader, I would close any outstanding position before earnings as there are just too many unknown factors that may impacted the outcome. I don't want to catch a falling knife if I'm trading. A good QE could still result in price drop and likewise a bad QE could still increase its share price. It's a game of probability with random outcome betting on earnings release and its price reaction.

*Will tech giants less-than-expected earnings drag down the market?

Sharing my view from a trader's perspective. Base on the price action, the market is bullish. I'm watching 4200 level (S&P) to see if the bullish momentum can break this resistance. Same for QQQ, at current price there's still room to trend higher as nearest resistance is around 316. We'll watch those level again when the times come and see how the market reacts.