Breathtaking Gap-Fill

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One of the big standouts in today's rally is, of course, International Business Machines. I noticed something remarkable about it, however. From October 16 of last year, there was a gap at 208.56 to be filled. Even though that was more than three months ago, IBM surged today to a high of 208.58 and then retreated. Pretty interesting, yes?

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I would quietly point out that Apple's modest strength of late is pushing it right up against its own gap. Apple is a depressed stock, of course, having fallen some 200 points, but I will not drop dead of shock if you see if trading deeply lower after earnings are announced this evening. Unlike certain analysts that really could use a good haircut, I never called for a $1,000/share price target, but instead have stuck to a target of about $440 before it stabilizes.

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