Marketgems Earnings Trader- Trading Strong or Weak Earnings Growth

[jenna]

IBM what you see thousands of traders see. SNPS and MERQ are way better intraday plays here. IBM is in consolidation here and could drop below 89 or bounce above 89.30. 90 is obviously the BREAKOUT AREA (and hence the short area) but it is not necessary that it hit 90 to be a short. IBM will probably move with the market by 2:00 or 2:30 and might retest 89.50 to 90 for an intraday long. The longer the 'shadows/tails' on IBM's close the better indication you have of what it will do the next session (closing on a narrow range bar like 9/09 signified a one day "pause that refreshed" which was easily a buy off support on 9/11) For IBM down days are pauses that refresh and i'd rather BUY off support after the "pauses that refresh" but you can just as easily short those spike highs just don't expect any lengthy downside