IBM: More Caution Tomorrow
July 8, 2008 11:19 PM
IBM was one of the 3 “trades” that I said long if you had to be long the market. It has done nicely as if you bought at the open yesterday you made $4 bucks. Not 90210 money, but that’s 3.5% in a tough market - in 2 days. That one trade alone put you ahead of almost all money managers for the YEAR- HA.
Tomorrow there needs to be more caution. If it clears $123.88 it HAS to close positive or there is possible trouble. So the easy money has been made on it, now you better know what you are doing. Leonard the Monkey could have traded it long the last 2 days. Going forward, Leonard could be in a bit of trouble. It will take a bit more brain power to ensure a profit here.
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Right on the money as i thought was likely…$124.50 high and down she goes. Grrrr…I almost put $124.50 as a likely high today…but was not certain it would reverse there or not…