As 'blake74' stated lubing the cable helps alot. But beware I went through 3 cables before getting my to stop when it needed to be replaced, the PO may have replace the cable with aftermarket one and that can cause alot. I bought one from auto parts store that was for our trucks....did not work worth a d**n. So bought a universal kit and cut it too length and it worked as long as i was going 50mph, anything under it bounced like crazy. Tried re-lubing it and got nothing. So I found an AcDelco speedo cable for are trucks work like a champ right out of the box no hassle.
The way to tell with our truck if you disconnect the cable on the gauge side and look at the end it should be plastic, this keeps the inner cable from moving back and forth in and out of the gauge (which is what cause most of the bounce). Aftermarket and universal gets have the metal cable in the end and the problems is there really is no stopp in the trans so it can move back and forth casuing the woble. I even cut my universal one long then need to help with movement and it still bounced.
So my $.02 is buy the AcDelco or true chevy one and you will be golden.