Nice action in IBM today, probably because of Amazon's cloud issues. With the major player down, I am sure the companies affected (ie Foursquare, Quara, etc) will be looking for back-ups. They may or may not switch providers, but this will expose them to the other offerings out there and some may find IBM's offering better. Basically, Amazon's fuck-up is free advertising for competing hosting services.
With today's pop, and my thesis on the market, I eased up on IBM. While still inexpensive, and I still very much like the name, it is overbought.
(PS... I have not unloaded AAPL. The valuation dislocation is too severe. Despite a potential weak market in the days/weeks a head, I think AAPL continues to climb toward the high 370s/380 level. The move may especially take hold after April 29th, as the effect from the 'market mechanics' cease.)
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