My restrictions are finally cleared to sell the remaining 500 shares of EMC (EMC) , and I am going to act this morning on the trade.
Long-term storage is a powerful concept, but in the short term, EMC has to figure out its strategy with VMware (VMW) -- EMC owns 85% of VMware -- and the management changes. I think Qualcomm (QCOM) is a cleaner story, and is better positioned and poised to go much higher. If I weren't restricted, I would take advantage of the price decline today in the shares to add more. When my restrictions are lifted, I will make QCOM a bigger bet.
This will eliminate my EMC position in the fund. I currently own 3,400 shares of QCOM, and it represents 5.79% of the fund.
Regards,
Jim Cramer
DISCLOSURE: At the time of publication, Cramer was long EMC and QCOM.
Send email to james.cramer@thestreet.com.