Spiky, no a cache hit will not show in your logs using standard tools.
I assume you are talking a browser cache or proxy cache like AOL's. Those are not tracked by standard logging utils since the page is actually never requested from the server.
In order to track such page views, you would need to use a system like Tedster describe. One possiblity is using an "IMG" call tag to your counter that is CGI in nature.
Suppose your cgi logger is at "domain.com/cgi-bin/logger.cgi". In order to over ride a browser cache or a proxy cache you could do a couple of different things:
1- call your logger with a dynamic url "img src='domain.com/cgi-bin/logger.cgi?nothing'.
That type of call would over ride most browser caches and proxy cache. They won't cache a cgi generated file. One step better is to replace "nothing" with a random string so that the browser thinks that it is truely dynamic.
2- Using a http header on the IMG that restrict caching or uses the header EXPIRES tag.
Aol will honor the expires tag and most browsers will too (not all).
Those are the only real choice available. You can try a JS script with a dynamic doc write (again, a unique string), but your results will only be marginally better than nothing.
This is the hardest thing there is to tracking on the web - getting semi accurate data. The biggest hurdle is AOL's proxy cache. It can really throw your numbers for a loop. Especially if you have good rankings on AOL's Netfind search engine.