Throwing the Ball Around

It looks like bears and bulls played another game of "catch" again off the open this morning, with the weakness being bought up and the initiative essentially thrown from bears to bulls. That said, the S&P 500 Index is back up to the 2,052 area where it found minor resistance yesterday. So, I am looking to see if we see another bout of selling today before putting on any new equity longs. On that front. the casual dining/restaurant/fast food stocks are still acting reasonably well. BKW over $33 remains on watch. And RRGB, seen on the first daily chart below, is an actionable long idea over $68, with a fair amount of shorts in the float to squeeze, to boot. On the short side, IBM continues to act poorly. I maintain the stock has confirmed a multi-year top, with a price target of $130 below. For now, the daily chart, second below, points to the danger of a bear flag breakdown under $160. ___________________________________________ ___________________________________________