To update my post yesterday on IBM, you can see that Big Blue is not doing itself any favors with the gap lower this morning with the daily chart, first below. We looked at that sloppy daily chart channel and surmised there was risk of it breaching to the downside for this bellwether.
The second chart is the monthly, which shows Big Blue was out in front of many large cap stocks with its breakout in 2010. Now, however, the monthly consolidation is growing sloppier as it develops. At a minimum, it needs more time to heal.
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