Was that it?

After all the screaming about Google missing Wall Street estimates by a mile the stock finished down 7% today. And guess what - the stock is up in after hours trading! Not nice for holders but hardly comparable to eBay's crash one year ago.

I am holding on to my six shares anyway. The EPS only missed expectations because of the tax rate and Google is still one of the fastest growing large caps around.

If one more commentator talks about Google's expensive valuation I think I am going to pull my hair out! Would it attract the same comments if they did a ten-for-one split and the share price was $40? I doubt it. What amazes me is that no one talks about Yahoo's expensive valuation but its forward PE is now higher that Google's and it is growing much more slowly. It has always been a mystery to me why Yahoo trades at a premium to other internet companies like eBay.

I think $400 is a nice entry price for Google, with prospects of $600 by the end of the year. There is certainly more upside than downside at these levels.