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Pullback Likely: IBM Runs Into Daily Resistance

 
Presented by  Gareth Soloway August 06, 2012 10:51AM
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International Business Machines Corp. (NYSE:IBM) is trading at $199.70, +1.18 (0.59%). At this level, the stock has hit a double top from June 19th, 2012. With an extended move in place, it is likely the stock will begin to pull back in the next few days. The SPDR S&P 500 ETF (NYSEARCA:SPY) is also nearing major resistance.

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Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com

 
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