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Buzz and Banter

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The top-building process continues this morning as International Business Machines (IBM: NYSE) pulls back toward an important support area and trend line. Now that earnings are out of the way and the cat is out of the bag (that pesky cat) put 81 down as an important intra-day print to watch for IBM going forward. This would break a double bottom (a basic sell signal in point & figure land) and more importantly violate the trend line that began with the stock's move off the October lows.

Should that break occur the stock has support at 80, then the mid 70s, so it's not like there's nothing but grease between here and the trees on the breakdown. But it does have structural implications for the rally, in my humble opinion, and would signal the top-building process has perhaps accelerated.


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