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Did anyone else notice how wildly the AdSense CPM could fluctuate from day to day? It seems it can rise or fall as much as 1000% from day to day, with all other things staying pretty much the same.

I thought it might because someone clicks on a high-paying keyword, but I've been tracking it pretty carefully and it seems the payout is bigger all across the board on certain days.

I have two theories:

1) My site is too small for now so the results just seem more volatile than they really are.

2) If Google finds your CPM is high in the beginning of the day, it will start serving even higher paying ads.

Any thoughts?

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