IBM April 12 A short at $106


IBM april12

Since Feb 27 we recommended stepping aside to see where it would go. Clearly it is making the correction larger than before and is going for the 61.8% retracement level at about $106

I realize that Bill Carrigan likes the stock, as per the Star report d.d. April 11 titled “Shares of multinationals offer profit, protection”. I do not understand where from he draws that conclusion as the stock lost 50% in 3-4 months, hardly blue chip behavior. In the article he also refers to one of the 4 bears, as in the “Night with the Bears” as  a “lunatic fringe” presumable for believing in the Kondratiev long-wave cycle. Which, by the way, was first discovered in 1913  by Jacob van Gelderen , a very sane Dutchman.