IBM Leads Market Higher, SHLD Tumbles Under $90
Interesting to see the market today, all three major indices gapped at the open to start the day off upbeat and positive. The big mover today is IBM who’s preliminary earnings were positive enough to send the stock up some 6%.
Right now I am looking at the NASDAQ up 1.05% to 2465, the Dow up .92% to 12722 and the S&P 500 up .69% to 1410. Intraday we are finding resistance on the NASDAQ between 2470 and 2480 which is the gap range from Friday. This technical resistance has to be broken before we can move into the next leg up.
Also real quick here, sad day for those long in Sears Holdings (SHLD), the stock which already was barely holding $100 a share gapped down today to under $90, down over 6% as the company is hurting due to the economy being battered. For those keeping track SHLD stock hit a high of $195.18 on April 17th of last year, 2007.
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IBM was an excellent reminder for me of why I don’t hold large positions going into earnings announcements.
Unfortunately my small position in IBM will not be as profitable as it could have been.