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Do the search engines penalize forwarded domain names?

I bought a domain name a few months back and forwarded it to a affiliate product. Now I want to host that domain and build a site. Does anyone know if a cached version may harm my ability to rank or is can this be done with no slapping?

Public Comments

1. Check out Google Webmaster Central _____________________________ http://www.thehosthunter.com _____________________________