Time To Say Goodbye To My GOOG Holding?

I have a minute position in Google (GOOG) since around $360. I haven't paid much attention other than check the price and volume now and then.

What has bothered me about the stock during the entire run from the March low is low volume. Except the huge spike over the earnings report, the volume is ever decreasing. I've heard it said that a stock can go up on a low volume after it bottomed, because stronger hands hold it now. But I'm not so sure.

I have had a distinct feeling that big traders have been using Nasdaq beta stocks (GOOG, AAPL, AMZN, RIMM, etc.) as ATM to fund their longs or shorts in financials.

The stock recently hit $412 on a very low volume and turned back. That price level was where the support was in 2008. It would have been a great long-term short from May 2008 high, but I think I will step aside for now and see how it behaves around $400 - 412.