“This is huge,” we opined last Tuesday when Amazon announced the launch of cloud services that give its music and audio products a big edge over the “You Can’t Take It With You” offerings from Apple’s iTunes store. Our headline and the link to our story:

Taking a Huge Bite Out of Apple’s Music Ecosystem: Amazon Brings Magical Kindle-Style Customer-Centric Convenience and Connectivity to Music with the Amazon Cloud Drive and Cloud Player

It’s huge for Kindle fans because it’s a big step down the path that will lead inevitably to an Android-based Kindle-branded tablet that will wash your car and steam the soy for your latte, but it is also rocking the markets.

We noticed right away that investors seemed to see the same Amazon upside and Apple downside that was apparent to us. Apple has also been hit by Japan-related supplier issues, but after a week the market’s verdict seems dramatic. The green line reflects Amazon’s share price since Monday, March 28; the red line represents the NASDAQ composite index and the blue line will take you to the airport and Revere Beach represents Apple’s share price.

As anyone who watches the markets knows, there are very, very few weeks when the NASDAQ outperforms AAPL by more than 5 points.