From $765 to $875 has been a great move for traders and investors. Now, Google is making new highs all the time and no one is complaining. The valuations may be getting stretched with a P/E of 26, but no one seems to care. Going with the flow is great but one has to be at least aware of the fundamentals all the time. The results beat the street, and that is what started this leg of the uptrend which has taken out the previous high of $844 with ease. However, it seems that the current price factors the goodness and disregards the possibilities of negative surprises. There is some good news on the e-book project with the Judges taking a positive stance, but in other lawsuits the awards may or may not go in its favor. This is specially possible for the lawsuits in Europe / UK. With several lawsuits being filed in courts all the time, e.g. Marathon Patents Group (MARA) filing two patent infringement lawsuits in two days against the likes of HP, Sprint Nextel, Cisco etc., the possibilities of patent lawsuits is getting higher. Projects like the Glass from Google are never a sure shot success. Then there is the fiber etc. So the stock seems to be oblivious of the possibility of failure. Or maybe investors think that Google and digest failures better. The story of Apple is an example where fortunes have changed pretty quickly. Of course, people are currently expecting more from Google than Apple as far as innovation and growth is concerned. So expectations may be building and stock price is rising. One may consider selling the stock before crucial launches like Glass or decide to keep playing along with a trailing stop loss. Better to be cautious as threre is a scent of euphoria.