Loading ...IBM Update
Today offered a downside reversal. At first cleaning out the shorts then ripping down through both lines of its bearish pennant. This is now bombs away for dinosaur tech.
Also here is a good summary chart of what is going on in OIL. We see a H&S built out right at the lower S&R line. A recent small BT to the NL then a violent give it up move today. One can see if the analysis is correct that this move has only just begun. OPEC has been shown now to be nothing more than hot air. This is becoming fun to watch.
I fondly remember a lunch I had with a lawyer friend of mine in Boston in the early 1980’s, who assured me then that IBM was a “dinosaur”, and wouldn’t survive the Route 128 competition more than another year or two. I guess IBM had the last laugh. We’ll see.
Well, first off my using the word Dinosaur is more hyperbole and intended for fun. I am certainly not making any claims to know if they are going “extinct” anytime soon. My only point is that the chart is telegraphing lower price and I suspect it’s due to other tech companies attacking their traditional moat business. those “tech” companies such as Amazon are based on cheap credit and low interest rates. Maybe someday that will change and IBM will be able to defend itself.
Until then I am short
Hi Plunger, thanks for the post. Any thoughts on SCY.TO?
SCY is a very large position for me. It is an investment not speculation, meaning I am in for a long haul. It looks great on the chart. Just going to have to wait for them to develop their business plan. I think its a buy right here.
Thanks, I appreciate the response.