Google (Nasdaq: GOOG) proved that it can still make money, but the stock is still struggling some.

To be sure, the 100 plus point move made by the stock since it bottomed earlier this month is impressive, especially since about $80 of it came in one day after a better than expected earnings report.

But after that things seemed to stall out, just below the 200-day moving average. That's the kind of activity that suggests that big money is still hesitant about the company's futures.

The thing about Google is that although it prints money with the best of them, it can't seem to print enough of it to satisfy enough people these days. For one thing even though it has huge gross margins at 69%, it still sells at nearly 40 times trailing earnings.

And despite all its earnings, the return on equity is below 20%, which suggests that although things are going fairly well, management could do more to make more money.

So is the story over? Not likely, but the going could be a lot slower than we've seen in the past.

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