louieramos - 10:46 pm on Nov 7, 2011 (gmt 0)
@azn romeo 4u: link building is not dead, you are probably not doing it right. Getting 500K links a month is not natural that is why your SERP is steady, which may eventually fall if Google discover something strange in your backlink profile. Your traffic have increased possibly because they are from referals from these 500K links a month.
As for the OP, I have noticed that there is a big delay now in Google indexing new links, so that might be the case for you. Lately, 1 month is too short to see any decent effect, I've seen one of my client's ranking increased after a couple of months.