Interesting services slide from IBM presentaiton

Note long-term signings are down 10% y/y in constant currency.

Short-term signings, which I think are strong as a reflection of the uncertain economy (better to be on a short hook than a long one from the customer's perspective), were the majority of bookings for the quarter.

Let's take that a step further. Part of what people pay for with IBM is the defensive nature of the services business. If the bookings are shifting more and more to the short-term, it could be interpreted as a sign that visibility there is eroding.