12Dec11:54 amEST

Big Blue Dinosaur Close to Extinction

612239_8109a5ba8b62204cf10262006419e0a1_large The major topping pattern on IBM, seen below on the monthly chart, continues to assert itself. "Big Blue" is a huge weighting in the Dow Jones Industrial Average, and you can see the highlighted head and shoulders top already confirmed. I have a target of $130 and maintain it, as value investors from higher levels are trapped. Below $160, and IBM remains an actionable short idea into bounces. Regarding the broad market, Big Blue typically is a bellwether, though not necessarily of late. It will be interesting to see if history flexes its muscles. IBM

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