Careful here! If you've been long IBM based on the very bullish forecast I disseminated a few weeks ago during an impromptu online session, the stock is closing rapidly on a 183.35 target. Traders can get short there by buying two August 175 puts, no stop. ______ UPDATE (2:58 p.m. EDT): We bought the puts for 1.20 when IBM gapped nearly six percent higher this morning on stellar Q2 earnings. The intraday high has exceeded our target by 1.34, but we'll stick with the position anyway because the pattern and target are so compelling. And yes, I had expected the stock to top within pennies of the target, so there is more risk here than originally intended.
IBM Corp
IBM – IBM Corp. (Last:126.54)
– Posted in: Current Touts Free Rick's PicksIBM looks like the same kind of sleaze-trap as Apple, what with yesterday's $7 gap-down opening followed by a $3.63 rally to close on the intraday high. This brazenly manipulated selloff did no damage whatsoever to the daily chart, and even on the "60" it lacked the guts to take out a look-to-the-left low at 122.17 from July 6.
IBM – IBM Corp. (Last:107.00)
– Posted in: FreeIt's been a coon's age since IBM created a bearish impulse leg on the daily chart, but it would happen today if the stock touches 105.10.
IBM – IBM Corp. (Last:103.31)
– Posted in: Current Touts Free Rick's PicksA Hidden Pivot resistance at _____ is equivalent to the rally target I've identified in Apple, and the same caveats apply if you should decide to short this stock. If Big Blue gets by that number, look for a follow-through
