Is GOOGle a bellwether for the market? In a sense, yes, since a relatively mild warning from the CFO on future growth (reminder: CFO's are sometimes cautious people don't like to over-promise - this is the type of CFO I'd want working for my company) has sent the market tumbling. It may not close this way but I saw a -100 Dow earlier. The other sense of a bellwether (the performance if this stock dictates future direction of US equities) I don't buy for GOOGle. I don't really feel the overall performance of GOOGle is any way tied to the overall strength of the US economy; GOOG makes money (and lots of it) in the shadowy world of internet advertising. I would venture to say that the average investor does not understand how they make their money, and how they will grow their business. I am not smart enough to, and that is why I don't own Google. There are plenty of sectors in the economy which are completely unaffected by how much advertising growth the execs at Google are willing to stick their necks out and say they foresee.
So as a trader with a very large cash position entering the day today, I've used this wonderful market-given opportunity (politically correct for panic) to go shopping. I'm now close to fully invested. I may cash out of some positions before the close, rotate into others, or leave some cash to sleep with tonight, but a -100 Dow in my book must be treated as an opportunity any day that I am lucky enough to have ready cash and see one on the ticker. Hope the day is treating everyone else as good as it is treating me today.