sp'60min
Summary
*awaiting IBM earnings due at the close
--
Not much to note on today.
Price structure on the hourly cycle is a baby bull flag, and bodes for further upside tomorrow.
Weekly charts offer 2120/30s.. although that looks unlikely until next week/end month.
--
4.09pm.. IBM earnings. EPS 2.91 vs 2.80 exp. Revenue was a touch light...
Initial reaction, market was somewhat pleased....
Testing the 200dma.... target is $175
4.19pm.. IBM cooling from $171 to 166.. but overall, there seems little reason for the stock not to battle upward into May - along with the rest of the market. Clearly though.. there is some sell side vol' at the 200dma.
--
more later... on the VIX