Research-in-Motion (NASDAQ: RIMM) has been a beast of a tech stock. But shares have run up so much and the valuations have risen so much that the stock NEEDS a breather. Shares are down roughly 3% at $95.50 today, after reaching over $100+ highs last week. Currently, RIM has a market cap north of $50 billion, its trailing P/E ratio is over 70, and it trades at roughly 42 times Feb-2008 fiscal earnings.

Just yesterday RIM received a downgrade from RBC Capital Markets' Mike Abramsky saying the current valuations and recent monster performance will make it hard for the stock to continue rising from here. His downgrade was from TOP PICK down to Outperform, which still isn't exactly a death sentence. Shares were down over 1% yesterday early on, but managed to close up $0.11 at $98.66 in such a strong market.

On Friday I noted how Research in Motion was one of the ten or so major "Windows Dressing" beneficiaries where fund managers and investment advisors want to show the stock in their holdings at the end of a quarter. These performed unbelievably well and RIM along with them, showing a 50% quarterly gain, to the point you'd never know we were all worried in August.