Big Blue Impeding the Offense

In front of AAPL and GPRO earnings tonight, the market is a mixed bag. IBM, or "Big Blue," is a major drag on the industrials in the Dow this morning, down nearly 5%. IBM continues to be a chart with major issues from a long-term perspective, as I believe that an already-confirmed top can still push  the stock down into the $130s. 

Meanwhile, energy and miners are bouncing back a bit. However, a better counter-trend long setup, frankly, would have been a sizable gap lower this morning. That did not happen, though, so I am flat on the complex for now. And when we see perennial laggards like CHK still in the red, it does raise issues whether the space is still much farther away from a true bottom than most think. 

Headed into the rest of the morning part of the session I am looking to see if small caps follow the mega caps down and a steeper sell-off ensues into the hoopla tonight we will see with Apple.