Today shares of Google (GOOG) are hitting all-time highs trading $16 higher, and that's after closing over $450 for the first time yesterday. I have decided to unload some more GOOG shares today, even though I wanted to wait for one more event; the announcement of S&P 500 inclusion.

I don't think we'll see a massive gain on the day of such an announcement, after all, investors have been expecting it since the anniversary of the company's IPO this past August. Even so, there should be a quick, and possibly temporary, $10 or $15 pop in the shares when Standard and Poor's pulls the trigger.

For some reason, though, they have yet to do so. I guess since everyone was waiting for it and expecting it, they've decided to hold off. However, they just booted Internet software firm Mercury Interactive (MERQ), and Google seemed like a perfect replacement. Instead they went with Estee Lauder. Weird.

At any rate, when the index funds are forced to scramble to buy thousands of shares, I'll be right there to sell some to them. After all, at $467 per share Google now trades at 21 times 2006 sales. At these prices, it won't deserve an outsized position in Peridot portfolios for very much longer.

Side notes:

1) This year's Consumer Electronics Show has been covered by CNBC all week and I must say, the products are really impressive this year. It is pretty clear to me that the consumer technology cycle will have the wind at its back for a long time, and investors should scour the market for potential winners that are attractively priced.

2) I'm generally not a huge promoter, but Peridot's 2006 Select List is up 6% so far this year. If you haven't ordered a copy yet, I think it'll more than pay for itself (only $20.06 for ten stock picks for the new year).