Hello All!

We don’t want to get ahead of ourselves with resistance lurking not too far above in the SPX, but:

IBM made it to only 10c below our alert level set late last week.  There may be an inverted Head and Shoulders pattern in the IBM chart.  Above SMAs notwithstanding, IBM could work to close a gap from a much higher price this fall if the markets remain in rally mode.  Let’s hope they do!

We will update when warranted.

Thanks!

Wayne