That would be a bearish signal. IBM ($IBM) still has not filled the gap created back in early July. That said, IBM has retaken its 21-day EMA today. If it holds, the swing crowd will be back on board. The 50-day SMA would be up next. That would entice the pros to increase exposure.
With a $239 pivot, this stock could reach $300 on a surge. It was trading above $330 earlier this summer so that isn’t crazy. I am long the name.
Stephen "Sarge" Guilfoyle is the founder and President of Sarge986 LLC, a family run trading operation. An NYSE floor trader for over 30 years, Guilfoyle has served as the Chief Market Economist for Stuart Frankel & Co., the U.S. Economist for Meridian Equity Partners, and as a Vice President in Block Trading and Investment Banking with Credit Suisse over the years. Guilfoyle earned his nickname “Sarge” while serving as an actual sergeant in reserve components of the U.S. Marine Corps, and U.S. Army while simultaneously working on Wall Street.
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