There was a nice analysis of the IBM and other large-caps that have lagged and how their recent breakouts could be bull traps by one of the Dorsey Wright analysts over on minyanville. He also allowed that the reverse could be true and that for the market to really move higher, these stocks had to catch up to the rest of the market.
I know you don't read other people's stuff, but just thought I'd mention it, mostly because of the P & F connection.