Zeev's Turnips Patch-No Politics (ZEEV)

[mlsoft]

megazoo...

Fundamentally, IBM is a great short and before all of this is over I would not be surprised to see it cut in half. However, the recent trading near the lows has put in good support underneath current prices which will take some work or some negative news to break through. I would be more inclined to wait and short it on a breakdown to new lows. If you are thinking in terms of just a short term trade, then yes - it is very overextended and overbought here, and a correction is in order.

Just my opinion, though - I generally prefer to enter positions at either support or resistance points.

mlsoft