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Re:Hey Google, I want my cache links back by xnxn on Wednesday September 28, 2011 @12:31PM (#3048670)
Yes, they are. I don't have the example handy, so you'll have to take my word for it. My query was 'sqlalchemy "some quoted phrase"' and the first result didn't contain the phrase anywhere in the page.

Out of desperation, I tried a +, and when that didn't work I sent my first feedback to Google.

Re:Hey Google, I want my cache links back by waqf on Wednesday September 28, 2011 @12:48PM (#3048765)
That has been happening for years. If you click through to the cached version of the result, which is marked up to highlight your search terms, Google provides an excuse: "These terms were found only in links pointing to this page:".

I've always had my doubts as to whether they really were found in links.

Re:Hey Google, I want my cache links back by ugh on Wednesday September 28, 2011 @12:34PM (#3048688)
Google couldn’t find anything and striped the quotes away.
Re:Hey Google, I want my cache links back by xnxn on Wednesday September 28, 2011 @12:44PM (#3048740)
To clarify, this was only the first result. The others did have the phrase, and it was highlighted in their snippets.