IBM Earnings

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IBM will be announcing their earnings after the close. The last time they did, in mid-April, the stock gapped down hard (only to recover the losses in the weeks following). I don’t have any particularly strong feelings about the direction of the stock, thus I have no position, but I’ve marked a couple of important prices points below for tomorrow’s post-earnings action. If we break the pattern I’ve shown with those parallel lines, it could drag the market down (although, as we’ve seen today, even a couple of Dow stocks taking a tumble isn’t enough to move the entire market lower).